What happens if someone misses a monthly insurance payment? Does the policy cancel immediately

If someone misses a monthly life insurance payment, there is usually a grace period—often around 30 days—during which they can make the payment without losing their coverage. If payment isn't made by the end of the grace period, the policy may lapse, meaning the coverage ends. It's important to check the specific terms of the policy, as practices may vary by insurer and province.