Virginia
For Virginia, minimum grace period is a grace period of not less than thirty-one days within which the payment of any premium after the first premium may be made; policies covered is Each individual life insurance policy; notice / additional protections is During the grace period the policy shall continue in full force, but if a claim arises under the policy during the grace period before the overdue premium or any overdue premium installment is paid, the amount of any earned overdue premium or installment through the policy month of death with interest may be deducted from any amount payable under the policy in settlement. The grace period shall start on the premium payment due date. The fetched section states no notice-before-lapse, designated-third-party, or senior-specific protections; statute citation is Va. Code § 38.2-3303, recorded from its source on 2026-08-17.
- State
- Virginia our reading
- Minimum grace period
- a grace period of not less than thirty-one days within which the payment of any premium after the first premium may be made verified
- Policies covered
- Each individual life insurance policy verified
- Notice / additional protections
- During the grace period the policy shall continue in full force, but if a claim arises under the policy during the grace period before the overdue premium or any overdue premium installment is paid, the amount of any earned overdue premium or installment through the policy month of death with interest may be deducted from any amount payable under the policy in settlement. The grace period shall start on the premium payment due date. The fetched section states no notice-before-lapse, designated-third-party, or senior-specific protections.
- Statute citation
- Va. Code § 38.2-3303 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
Each individual life insurance policy shall contain a provision that the insured is entitled to a grace period of not less than thirty-one days within which the payment of any premium after the first premium may be made, subject at the insurer's option to an interest charge that is not to exceed six percent per year for the number of days of grace elapsing before the payment of the premium.
— law.lis.virginia.gov, retrieved 2026-08-17
Source
- law.lis.virginia.govhttps://law.lis.virginia.gov/vacode/title38.2/chapter33/section38.2-3303/