Policyholder's on some Long-Term Care Insurance policies can pay past-due premiums and reinstate their policies in a specified period of time after they have lapsed the policy. If the failure to pay was the result of cognitive or functional impairment additional protections are provided. In some cases, an insurance company will notify the third party of your choosing to be contacted if your premium bill goes past due. This individual is not responsible to pay the bill but is intended to help remind the policyholder who could be older and “forgetting” to pay bills.