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• A period (usually 31 days) following each premium due date, other than the first due date, during which an overdue premium may be paid. All provisions of the policy remain in force throughout this period.

  Alabama Department of Insurance - Cite This Source - This Definition
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  Cite Definition for Grace Period

  American Psychological Association (APA)

  Grace Period. (n.d.). Glossary of Life Insurance Terms. Retrieved June 10, 2023, from website: http://www.expertglossary.com/definition/grace-period.

  Chicago Manual of Style (CMS)

  Grace Period. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/grace-period (accessed: June 10, 2023).

  Modern Language Association (MLA)

  "Grace Period." Glossary of Life Insurance Terms. Alabama Department of Insurance. 10 June. 2023 http://www.expertglossary.com/definition/grace-period.

• Browse Related Terms: Automatic Premium Loan, dividend, Grace Period, Lapsed Policy, Level Premium Insurance, Loan Value, Non-forfeiture Values, Paid-up Insurance, Premium, Reinstatement, Settlement Option, Waiver of premium

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All > Business > Finance > Insurance > Life Insurance

• An option that permits the policyholder to buy additional stated amounts of life insurance at stated times in the future without evidence of insurability.

  Alabama Department of Insurance - Cite This Source - This Definition
  ×

  Cite Definition for Guaranteed Insurability

  American Psychological Association (APA)

  Guaranteed Insurability. (n.d.). Glossary of Life Insurance Terms. Retrieved June 10, 2023, from website: http://www.expertglossary.com/definition/guaranteed-insurability.

  Chicago Manual of Style (CMS)

  Guaranteed Insurability. www.aldoi.gov. Glossary of Life Insurance Terms. Alabama Department of Insurance. http://www.expertglossary.com/definition/guaranteed-insurability (accessed: June 10, 2023).

  Modern Language Association (MLA)

  "Guaranteed Insurability." Glossary of Life Insurance Terms. Alabama Department of Insurance. 10 June. 2023 http://www.expertglossary.com/definition/guaranteed-insurability.

• Browse Related Terms: Annuity, Convertible Term Insurance, Cost Index, Cost-Of-Living Rider, Guaranteed Insurability, Insured, policy, Policy Loan, Renewable Term Insurance, Straight Life Insurance, Term insurance, Term Rider, Universal life insurance, Whole Life Insurance (Straight Life or Permanent Life)