The insurance policy will remain valid as long as you pay the premium on such policy. if something happens to an individual then the issuer will pay you the stipulated amount of the policy to the beneficiaries but if you stop paying premium then the policy is said to have been held lapsed and it shall not be revoked. However the insurance companies allow the grace period during which the insured is required to pay the amount of premium to hold his policy still active. Normally 15 to 20 days grace period is allowed to the insured to keep his policy in force. visit us http://ping.fm/M21Oo