The policy becomes non-functional if you fail to pay life insurance premium on time . You will have to pay the revival premium to reactivate the lapsed insurance policy.
You can choose to pay your life insurance premium on a monthly , quarterly, half-yearly, or yearly basis . Some life insurance policies also offer a one-time premium payment option. So, you have flexible options to pay your insurers.
There is no fixed age to buy a life insurance policy. The sooner you buy it, the better it is for you given that the premium gets costlier as you age .