Options and consequences when you client fails to make a premum payment:
If your client misses a premium payment, both you and your client will receive a letter from the insurance company stating that there is typically a 30/31 day grace period during which they can pay the premium.
If your client owns a term policy
and fails to pay the premium within the grace period, the insurance policy will lapse
If your client owns a permanent policy
and fails to pay their premium within the grace period, the insurance company, with your client’s authorization, can draw from their policy's cash value to keep the policy in force.