When the payment period expires, the payment can be stopped, which does not mean that the full premium can be returned when the insurance is withdrawn. Most life insurance contracts are long-term contracts, and some of the payment periods are decades long. During the payment period, there are often some situations where the payment cannot be made on time, such as business trip, forgetting, temporary financial constraints, etc.
In order to avoid the insurance policy becoming invalid easily, the insurer generally pays the applicant a certain grace period for renewal premium. If an insurance accident occurs during the grace period, the insurer will still pay the insurance benefits even if the applicant fails to pay the insurance premium.
When an insured accident occurs to the life of the insured, the insurer shall pay the insurance benefits. The original life insurance was to protect the possible economic burden caused by unpredictable death. Later, the savings component was introduced into life insurance, so the insurance company will also pay the agreed insurance benefits to those who still survive at the expiration of the insurance period.