"Pay the premium within the grace period according to your policy and it will be back in good standing," Lundquist says.If your lapsed policy cannot be reinstated, you will need to apply again and there's no guarantee that you will be approved, says Rongish. "It wouldn't be automatic." Benjamin Blakeman, a Los Angeles-based attorney who handles life insurance and investment cases for consumers, advises you to do everything you can to avoid lapsing a policy. "Beg, borrow and steal money to pay a life insurance company," Blakeman says. "You have to prove you're insurable after a policy lapses." Here's more about Insurance grace periods: When do you get cut off?