The phrase "lapse guarantee" means a promise or assurance that something will not be forgotten or neglected over time. It ensures that something will be maintained, kept in mind, or continued without interruption. Full definition
What makes no - lapse guarantee universal life different than other permanent policies? (rootfin.com)
This means you can convert some or all of your term policy to a no - lapse guarantee policy in the future (typically has to be done before age 70). (toplifeinsurancereviews.com)
From a carrier's perspective, no - lapse guarantee products have now become extremely expensive to offer. (lifesourcedirect.com)