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

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, not quoted from the source)_
- **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: appears in the quote below)_
- **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: appears in the quote below)_
- **Statute citation:** Minn. Stat. § 61A.03 _(our reading, not quoted from the source)_

## 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;

## Source

- https://www.revisor.mn.gov/statutes/cite/61A.03

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/).