What is a Life Insurance Grace Period?

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 is a very useful feature, whose inclusion in every life insurance policy is mandated by every single state in the United States. 

The Minimum Grace Period varies from 28-31 days depending on individual state laws, but some insurance companies 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.

Learn more about a grace period for life insurance policies.