# Illinois — Life insurance premium grace periods and lapse protections by US state

For Illinois, minimum grace period is a grace period either of 30 days or of one month within which the payment of any premium after the first may be made; policies covered is no policy of life insurance other than industrial, group or annuities and pure endowments with or without return of premiums or of premiums and interest, may be issued or delivered in this State, unless such policy contains in substance the provision; notice / additional protections is The grace period is subject at the option of the company to an interest charge not in excess of 6% per annum for the number of days of grace elapsing before the payment of the premium, during which period of grace the policy shall continue in force; in case the policy becomes a claim during the grace period before the overdue premium is paid, the amount of such premium or premiums with interest thereon may be deducted in any settlement under the policy. The fetched section states no notice-before-lapse, designated-third-party, or senior-specific protections; statute citation is 215 ILCS 5/224, recorded from its source on 2026-08-17.

- **State:** Illinois _(our reading, not quoted from the source)_
- **Minimum grace period:** a grace period either of 30 days or of one month within which the payment of any premium after the first may be made _(verified: appears in the quote below)_
- **Policies covered:** no policy of life insurance other than industrial, group or annuities and pure endowments with or without return of premiums or of premiums and interest, may be issued or delivered in this State, unless such policy contains in substance the provision
- **Notice / additional protections:** The grace period is subject at the option of the company to an interest charge not in excess of 6% per annum for the number of days of grace elapsing before the payment of the premium, during which period of grace the policy shall continue in force; in case the policy becomes a claim during the grace period before the overdue premium is paid, the amount of such premium or premiums with interest thereon may be deducted in any settlement under the policy. The fetched section states no notice-before-lapse, designated-third-party, or senior-specific protections.
- **Statute citation:** 215 ILCS 5/224 _(our reading, not quoted from the source)_

## What the source says

> A provision that the insured is entitled to a | | grace period either of 30 days or of one month within which the payment of any premium after the first may be made, subject at the option of the company to an interest charge not in excess of 6% per annum for the number of days of grace elapsing before the payment of the premium, during which period of grace the policy shall continue in force

## Source

- https://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=021500050K224

Last verified: 2026-08-17. Review by: 2027-08-17.
Part of [Life insurance premium grace periods and lapse protections by US state](https://referencesource.org/life-insurance-grace-periods-by-state/).