What does "no lapse" mean? Does it mean that you will always be insured and the beneficiary will always be paid, even if you miss payments?
No. The "no lapse guaranteed premium" (NLPG) refers to how a universal life policy with this feature attached will:
1) Not lapse if the cash value goes to zero, so long as you pay your premiums (note NLPG policies actually have LESS premium flexibility than universal life policies withOUT them...though I can definitely see how the name might appear to imply otherwise)
2) The premium will be level (i.e. stay the same $ amount) for your entire life
Depending on what your goals are, you might want to also consider term (if you're trying to replace your income in the event of early / unexpected death) or whole life (if you're doing estate planning and want liquidity for your heirs to pay taxes / non-taxable death benefit).