What is the required duration of the grace period for premiums before a policy lapses?

The required duration of the grace period for premiums before a policy lapses is 30 days. This provision is essential as it provides policyholders with a buffer period during which they can make their premium payments without losing their coverage.

In Georgia, the 30-day grace period is standard practice for most life insurance policies, allowing the insured to have sufficient time to address any oversights or financial difficulties that may have led to a missed payment. During this grace period, the policy remains in effect, ensuring that the insured is not left without protection during this time.

Choosing a shorter or longer grace period would not align with the regulatory requirements in place, which distinctly specify 30 days as the minimum. This duration strikes a balance between ensuring the insurer can manage their financial risk and providing ample opportunity for the policyholder to maintain their coverage.