8. False is correct. Life insurance policies have a one month "grace period" after the premium is due—pay the missing premium within this time and your policy won't lapse. Even if you miss the deadline, however, the insurance company may draw from the cash value of a permanent policy to keep your premium payments up to date. If you can't pay because you have become disabled, and you have a "waiver of premium in the event of disability" feature in your policy, you will not have to pay premiums for the duration of your disability and your life insurance will remain in force. If none of these apply, ask the insurance company if you can reinstate the policy; you might be asked to demonstrate “evidence of insurability” (i.e., proof that your health is acceptable to the company) and you will have to pay all skipped premiums.