What should policyholders do during the grace period of their life insurance policy?

During the grace period of a life insurance policy, it is crucial for policyholders to focus on paying any outstanding premiums to avoid cancellation of the policy. The grace period is a specified time frame after a premium due date in which the policy remains in force even though the premium has not been paid. This period allows policyholders a chance to make the payment without losing their coverage.

If the premium is not paid within this grace period, the policy may lapse, resulting in the loss of coverage. Therefore, the primary action that policyholders should take during this time is to ensure that all outstanding premiums are settled to maintain their insurance protection.

While policyholders might consider other actions, such as making changes to beneficiaries, requesting policy adjustments, or redeeming dividends, these are not the immediate priorities during the grace period. The focus should be on avoiding cancellation by bringing the premium payments up to date.