"To skip a payment" means to choose not to make a scheduled payment for a certain period of time. This could be for various reasons, such as financial difficulties or a temporary break from payment obligations. Full definition
This means that you can skip some payments if needed, but there is a minimum level to maintain over the course of the year. (secureseniorlifeinsurance.com)
Staying in touch with credit card companies instead of skipping the payments without notice can help protect your credit and keep you in good standing with your lenders. (sapling.com)
You may even skip payment at a certain point provided the cash value is enough to cover the policy cost. (allinsuranceinfo.org)