In my view, you have been cleared laterally to the IAF and then the ILS. Laterally that is what I would do. Vertically, you may not yet be cleared to a low enough level to successfully complete the vertical profile.
Two scenarios then result:
(1) You request and obtain appropriate levels to perform the manoeuvre, so do it.
(2) You aren't given the appropriate levels and still have communications, in which case
a. firstly manage the energy equation - ie slow down to allow a later (but still safe) descent profile to capture the g/s from above
b. discuss with atc a mutually agreeable course of action (radar vectors back to final, an orbit for sequencing, take up the hold or follow the lateral profile inc the g/a)
If case of comms failure, follow the local procedure, which may well vary from airport to airport and country to country, and will usually involve going to a holding fix and completing a procedural letdown within so many minutes of EAT at holding fix.
Just my thoughts...