No…unless you decide to cancel it. As long as you are paying the premiums, you are covered. Just like with anything in life, if you don’t pay for it, it goes away. If you miss a payment, almost all insurance companies give you at least a 30-day grace period to get the payment in. No late charges, no fees. One of the great characteristics of these policies is that they build cash value. This cash value can protect missed payments or allow you to borrow money against your policy. TERM life doesn’t have this.