What is the minimum grace period for monthly premium policies?

The minimum grace period for monthly premium policies is 10 days. This period is established to protect policyholders from unintentional lapses in coverage due to missed payments. During the grace period, the insurance company cannot cancel the policy, giving the insured time to make the overdue payment.

It's important for consumers to understand that while the grace period allows for payment without penalty, the coverage remains in effect during this time, ensuring that the policyholder is still protected against claims. After the grace period, if the payment is not made, the policy may lapse, and the insured would lose coverage. Thus, knowing this 10-day minimum grace period can help policyholders manage their finances and maintain continuous coverage.