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The definitions contained herein are for general information only and are not
designed for use in connection with the interpretation of any insurance policy
or annuity policy issued through Insurance Answer Center.
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Life Insurance Glossary Terms 4 A B C D E F G H I J K L M N O P Q R S T U V W Y |
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Grace Period |
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A predetermined length of time, usually 31 days, after a premium on a term, whole life or interest-sensitive whole life insurance policy is due. If the required premium is paid during this period, the premium is considered to have been paid "on time." When the premium is paid by the end of the grace period, you are covered should you die during this time. If the required premium is not paid by the end of the grace period the premium will be paid by the premium loan if available and requested, or a non-forfeiture option will be activated. See also Premium Due Date. |
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Learn More about Life Insurance
Start a Life Insurance Quote
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| Answer Financial(R) Inc. offers insurance products and services through its licensed affiliates Insurance Answer Center(R) Inc. (California License No. 0B99714), Answer Center Insurance Agency, Inc., and other affiliates. Answer Financial is not an insurance company. Insurance plans and services are from insurance companies and other licensed insurance-related providers. Not all products available in all states. Rates subject to change. |
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