Minnesota
For Minnesota, minimum grace period is a one month grace period for the payment of every premium after the first, during which the insurance will continue in force; policies covered is No policy of life insurance may be issued in this state or by a life insurance company organized under the laws of this state unless it contains the provision; notice / additional protections is The provision may subject the late payment to a finance charge and contain a stipulation that if the insured dies during the grace period, the overdue premium will be deducted in any settlement under the policy. The fetched section states no notice-before-lapse, designated-third-party, or senior-specific protections for premium lapse; statute citation is Minn. Stat. § 61A.03, recorded from its source on 2026-08-17.
- State
- Minnesota our reading
- Minimum grace period
- a one month grace period for the payment of every premium after the first, during which the insurance will continue in force verified
- Policies covered
- No policy of life insurance may be issued in this state or by a life insurance company organized under the laws of this state unless it contains the provision
- Notice / additional protections
- The provision may subject the late payment to a finance charge and contain a stipulation that if the insured dies during the grace period, the overdue premium will be deducted in any settlement under the policy. The fetched section states no notice-before-lapse, designated-third-party, or senior-specific protections for premium lapse. verified
- Statute citation
- Minn. Stat. § 61A.03 our reading
Values marked our reading are our classification of what the source says — the source does not print them in those words. The quote below is the evidence for each one; judge it yourself.
What the source says
Grace period. A provision for a one month grace period for the payment of every premium after the first, during which the insurance will continue in force. The provision may subject the late payment to a finance charge and contain a stipulation that if the insured dies during the grace period, the overdue premium will be deducted in any settlement under the policy;
— revisor.mn.gov, retrieved 2026-08-17
Source
- revisor.mn.govhttps://www.revisor.mn.gov/statutes/cite/61A.03