Will the insurer notify my beneficiary before a lapse?

Not necessarily, although some policies and states allow a secondary notice recipient selected by the owner. When the contract terms are examined, a life insurance policy can lapse when required premiums are not paid or when cash value is insufficient to support charges. For this insurance planning decision, request a current in force illustration from the insurer so the effect on cash value, loans, premiums, lapse risk, and death benefit can be reviewed using the actual contract.