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Is policy remain valid if premium due is not paid?

In: Life Insurance [Edit categories]

Answer:

Depending on the type of life insurance policy, if a premium is due there is a grace period while payment can still be made to keep the policy in force. Grace period is usually 30 days.
If the policy has cash value, premiums can be paid out of the cash value. Once the cash value depletes the policy will lapse if no additional payments are made.

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LifeGuy.com

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