Grace Period

Contract » Insurance Contract » Contractual Protection » Grace Period

An insurance contract stays in force for 30-31 days following the premium due date. If premium is not paid during this grace period, the policy lapses, if

term insurance, or
permanent insurance with no savings left to pay the insurance charges

Tip: For peace of mind (and convenience), pay your premiums with automated withdrawals from your bank account — and make sure that account has money in it ;)

A universal life or whole life policy can stay in force if there are savings inside the policy to pay the insurance charges.

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consumer_protection contract

page revision: 4, last edited: 15 Jun 2007 23:43

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