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Life insurance terminology shouldn't be confusing. Here is the definition of 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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Yes, we have to include some legalese down here. Policygenius Inc. (DBA Policygenius Insurance Services in California) (“Policygenius”), a Delaware corporation, is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application.
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