Is there a grace period for premium payments?

Yes, there is a grace period for premium payments with NY Life Insurance. This is a specified period of time after the due date, during which the policy remains in force, and the premium can still be paid without any penalty or loss of coverage. The exact duration of the grace period may vary depending on the policy, but it typically lasts for 30 days. During this time, the policyholder has the opportunity to make the premium payment and keep the policy active. It is important to note that even though there is a grace period, any missed premium payments beyond this period may result in the policy lapsing and potential loss of coverage.