life insurance policy began 2002 -until 2011 -last two payments were not made -is client entiled to some equity on that life insurance

you are going to have to look at the contract to see what the "grace" period was for cancellation of the policy, and whether the cancellation notice was properly given.  Whether or not there is money available is dependent on the type of policy also.  If it was a term policy, there will be no payment.