If you have a term life policy, there’s usually a grace period to make your payment. If the premium remains unpaid after this period, the policy may lapse. For permanent life insurance, the policy’s cash value (if available) may be used to cover missed payments. However, this can reduce your policy’s benefits and could lead to lapse if not monitored. Contact your insurer to explore options if you're struggling with payments.

While you can name minors as beneficiaries, doing so directly can complicate matters. In most cases, a legal guardian would need to be appointed to manage the funds until the child reaches legal age. A better option might be setting up a trust or naming a custodian for the benefit of your child.

Yes. A Section 1035 exchange allows you to swap one life insurance policy for another without immediate tax consequences, provided the owner and insured are the same. Always consult with your insurance professional to ensure it aligns with your goals and doesn't incur additional costs or changes in coverage.

Yes, someone else can own your policy. However, if the policy owner, insured, and beneficiary are all different individuals, the death benefit could be considered a taxable gift from the owner to the beneficiary. It's best to structure ownership with care and professional advice.