Grace Period
Extra time given after your premium due date to pay before the policy lapses.
Extra time given after your premium due date to pay before the policy lapses.
Most insurers offer a grace period — commonly 15 days for monthly premiums and 30 days for other frequencies — during which you can pay a missed premium and keep the policy continuously active without a fresh medical underwriting or restart of waiting periods.
If a claim event happens during the grace period before you've paid, some policies (especially health) may still honour the claim and deduct the due premium, while others may not — this varies by insurer and product, so it's worth checking your specific policy wording.
Example
Your health premium is due on the 1st and you pay on the 20th, within a 30-day grace period — your policy generally continues without a break, preserving your waiting period credit and no-claim bonus.
Found this term in your policy and still unsure?
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