What happens if I miss a premium payment?

If you miss a premium payment with Principal Life, it is important to take action as soon as possible. The exact repercussions may vary depending on your specific policy and the terms outlined in your contract. Generally, if a premium payment is missed, there is a grace period during which you can still make the payment without any negative consequences. However, if the payment is not made within this grace period, your policy may lapse or be canceled, resulting in a loss of coverage and potential forfeiture of any accumulated benefits or cash value. It is advisable to contact Principal Life immediately to discuss your options and inquire about reinstatement procedures.