The grace period is extra time given to you after the premium due date to make your payment. It usually lasts between 15 to 30 days, depending on the insurance company and type of policy.
If you miss your premium payment, your policy does not immediately lapse. You still have time to pay during the grace period. If you die during this time, most companies will still honor the claim (as long as payment is made).
However, if you don’t pay within the grace period, your policy may lapse, and you lose all benefits. Some companies also charge a late fee if you pay after the due date.
So, it’s important to note your premium dates and use the grace period wisely if needed. It gives you a second chance to keep your insurance active.
