What is a no lapse guarantee?

What is a no lapse guarantee?

The No-Lapse Guarantee premium is the amount that must be paid to ensure that the policy will stay in force for a set number of years, regardless of actual policy performance. During the no-lapse period, the insurer guarantees the coverage will continue, even if the cash value drops to zero.

See also  What are the 5 largest industries in the world?