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

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, not quoted from the source)_
- **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: appears in the quote below)_
- **Policies covered:** Each individual life insurance policy _(verified: appears in the quote below)_
- **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, not quoted from the source)_

## 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.

## Source

- https://law.lis.virginia.gov/vacode/title38.2/chapter33/section38.2-3303/

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/).