Which benefit is NOT typically associated with an insurance policy lapse?

When a life insurance policy lapses, it generally means the coverage has been terminated due to non-payment of premiums. In this context, the obligation to pay premiums does not continue indefinitely; rather, it ceases. Once the policy has lapsed, the policyholder is no longer responsible for making premium payments related to that specific policy because the contract is no longer in effect.

The other benefits typically associated with a policy lapse include the termination of the coverage itself, meaning that the insurer is no longer liable for any claims. Additionally, the policyholder loses any potential dividends if it was a participating policy, which would have been payable as long as the policy remained active. Restarting the application process is often necessary if a policyholder wishes to obtain coverage again after a lapse, as they generally cannot simply reactivate a lapsed policy without going through the application and underwriting process again.

This understanding clarifies why the obligation to pay premiums does not continue after a policy has lapsed, making that answer the most accurate reflection of the situation.