What provision in a life insurance policy extends coverage beyond the premium due date?

The provision in a life insurance policy that extends coverage beyond the premium due date is known as the Grace Period. This term refers to the timeframe during which a policyholder can make a premium payment after the due date without losing coverage. Typically, the Grace Period lasts for a specified number of days, often 30 days, depending on the policy.

During this Grace Period, if the policyholder passes away, the death benefit will still be paid out, even if the premium has not been paid. The Grace Period provides important financial protection and peace of mind for policyholders, allowing them a buffer to make late payments without risking their insurance coverage. This is a critical aspect of life insurance policies, ensuring that inadvertent late payments do not compromise the policyholder’s coverage.