How long is the grace period for group life and variable whole life insurance?

The grace period for group life and variable whole life insurance is typically 31 days. This period is crucial as it allows policyholders to make their premium payments without the risk of losing coverage. During the grace period, if a premium is not paid, the policy remains in force, ensuring that the insured is protected during this time. If, however, the premium is not paid by the end of the grace period, the policy may lapse or be terminated. Understanding the grace period is important for both consumers and agents, as it provides a buffer in case payments are missed due to various circumstances.