Yes! With any delay in payments, you will no longer be insured and the company will not be responsible for any claims. In other words, budget and keep your accounts up to date.

First of all, the insurance company needs to approve the policy, then the payment can be made and the insurance can be validated. In other words, no! And as stated above, without timely payment, the policy is cancelled!

Your insurance policy is a very valuable asset. Take good care of it, as any questions you may have during your insured period are detailed within it. And if it's something not covered in the policy, be sure to contact your insurance company. You shouldn't have any unanswered questions while you're insured!