2. Not paying premium on time
Monday, November 27, 2017, 2:48 PM
Life insurance is valuable so long as the policyholder continues to pay due premium not later than the grace period. Normally, the policyholders wait for reminders from agents or the company. Not remembering the due date and not paying the premium on time is Sin No.2. A life insurance policy lapses if premium is not paid within the grace period.