Florida Health Insurance Terms:
What is my Grace Period?": Is there a grace period for the payment of premiums?
If you do not pay your premium when due, the insurance company will notify you that your coverage is being cancelled. Typically the notice will give you at least 15 days before the cancellation takes effect. If you pay the premium before the cancellation date, your coverage will continue." Also know as the additional period of time a lender or insurance policy issuer provides for a borrower to make payment on a debt without penalty.
The period of time between a premium's due date and the date the policy will lapse if the premium remains unpaid. Sometimes this period is as long as 30 days. If the insured dies during the grace period, the unpaid premium is deducted from the policy proceeds.
More On Grace Periods: Insurance & Grace Periods
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