Shortly after construction of the town center began, the Atlanta, Birmingham, and Atlantic Railroad came through. The railroad was economically important to the town and the county because it provided quicker access to distant markets, and Wadley became a shipping center. By 1910, the population had reached 426.
Life insurance is a contract. Term life insurance is a contract based on the exchange of premiums for coverage. If you stop paying premiums and youâre past the reinstatement period, youâve lost coverage and may be required to re-qualify for coverage.
What Does It Mean If Your Life Insurance Lapses? A life insurance policy will lapse, or cease to exist, when the planned premium is not paid on a timely basis. Most policies have a grace period, usually 30 days, in which the back premium can be paid before the policy lapses.