Grace Period
Insurance Glossary
A stretch of time after a premium due date during which a policy stays in force even though the payment has not arrived. Life policies commonly allow around 30 days, with state law setting the minimum, while health and property policies run their own and often shorter periods. If the premium is still unpaid when the grace period ends the policy lapses, and restoring it means going through reinstatement, which can require new evidence of insurability.
This content is for general informational purposes only and is not insurance, legal, or financial advice. Coverage, exclusions, eligibility, and pricing vary by insurer, by policy, and by state, and only the policy documents control what is covered. Always confirm the details of any coverage with a licensed insurance agent or the issuing carrier before you buy.
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