What is a Grace Period?
An insurance grace period is an extra or extended period of time that policyholders have to pay their life insurance payment. Your policy will stay in effect during your grace period. The law grants insureds the opportunity to pay their premiums with a low rate of interest within thirty days after the premiums are due. If the insured pays the premium within the grace period, the insurance company will not consider the policy to be in default.
What is Ambiguous Language in the Policy?
Often a life insurance policy may be interpreted many different ways. It follows the rule of construction, which means that when a contract contains ambiguous language, it will be construed against the party who drew it. Insurance contracts must be liberally construed in favor of a policyholder or beneficiary and strictly construed against the insurer in order to afford the protection which the insured was endeavoring to secure when he applied for the insurance.
Call our Attorneys if you have any questions about a life insurance claim with MetLife, Prudential, Hartford, New York Life, Lincoln National, John Hancock, Jackson National, Transamerica, Unum, Sun Life, Genworth, Allstate, Transamerica Life, Mutual of Omaha or any one of the many other life insurance companies.
If your claim has been delayed or denied, Attorney for life insurance claim denial can help.