Can I pay my Universal Life premium in the 31 day grace period following the policy due date, which I was told I could do?
You do not want to do this, even though you have a legal right to do so, BECAUSE the guarantees in so many Universal Life policies are calculated based upon the premium being paid on a “timely basis”, which means the due date. Should you use this extra 31 day grace period, you have denied the funds to the insurance company for one month, which often can and does impact upon how long your policy will remain in effect. Therefore, a word to the wise, never go past the actual policy due date when paying your premium in a Universal Life policy.
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