What happens if I stop paying the monthly premiums?

If you stop paying the monthly life insurance premiums on then your insurance will be cancelled. This is known as letting your policy 'lapse'. How long the insurance company waits before it cancels the insurance varies between companies.

For full details on your particular policy and how long it takes for your policy to lapse - look at the "Key Feature Documents" for your own policy.

If you miss a payment by accident, then your life insurance company will send you a reminder letter.If you continue to miss payments, you will be informed of the cancellation. You will be given opportunity to correct a missed payment.

If you want to be sure that your monthly premiums will be paid even if you're off work through illness or accident, then you need to take up an option on your policy called "waiver of premium". This optional extra carries a small additional charge.

By the way, make sure when you move address you remember to let your life insurance company know.