Grace period

Life insurance terminology shouldn't be confusing. Here is the definition of grace period.

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Grace period

A uniform mandatory provision that gives the insured a period of time, based on the payment mode, to pay the required premium. During the grace period, the policy is still in force.

For example: Policyholders can pay the premium 31 days after the initial due date.

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Life Insurance

Glossary of life insurance terminology & definitions

Life insurance terminology doesn't have to be confusing. Here are definitions of the most common terms and phrases you'll find in a policy.

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Once you officially have life insurance, you’ll get a policy that goes into the nitty-gritty of your coverage. We’ve broken down what it all means.

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The death benefit is the tax-free payout your beneficiaries receive if you die; it's essentially what you're paying for when you sign up for life insurance coverage.

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