What is the 30-day grace period on a life insurance policy?
The 30-day grace period is required by law to be in every life insurance policy sold. It allows the insured to pay the policy premium any time during the 30 days following the due date of the premium without incurring a policy lapse. After the 30-day period expires with the premium still unpaid, the company may require evidence of good health before accepting the payment and reinstating the policy, since it has technically lapsed.
