The grace period for a life insurance policy is the time after a missed insurance premium is due, where a life insurance policy will not lapse even though the payment is past due. It means, you still have your life insurance coverage In Force.
The grace period of a life insurance policy is mandated by every state in the United States.
The Minimum Grace Period usually varies from 28-31 days depending on individual state laws, but some life insurance carriers may give longer grace periods.
The grace period officially begins the day the missed premium payment is due, and ends at the close of business after the prescribed number of days have passed.
