Does Life Insurance Lapse? 
Yes , many people lapse their life insurance policies . It comes from failure to pay enough premium to keep it in force . Most people buy term life insurance for a level premium for 20-years or so . At the 21st year they COULD pay more and keep it going but hardly anyone ever would because the premium at that time would be very high . So the policy will usually lapse . Any type of policy can lapse if you do n't pay the premium but term is designed to lapse once you do n't need it anymore . 