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What is a life insurance grace period?

By Doresa Banning on January 3rd, 2011

Question: What is the grace period?

Answer:

The grace period is the time frame immediately following a premium due date, typically 30 or 31 days, in which a life insurance policyholder may still pay the amount due without penalty and keep the life insurance policy in force. If payment is not received within the stated grace period, the policy will lapse.

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