Will my life insurance policy be canceled if I'm late on my payments?

When you miss your life insurance payments, at some point, your policy will be canceled. However, if you are some days late on your payment, that does not necessarily mean that you will lose your policy. With life insurance policies, you have a grace period working to your advantage. According to the law, you have a grace period of 31 days after your due date in which to make your payment. If you do not make your payment within a 31-day period, then your policy will lapse, and you will no longer have a death benefit.

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