What is the minimum grace period for a single premium payment in an individual life insurance policy in North Carolina?

In North Carolina, the minimum grace period for a single premium payment in an individual life insurance policy is specifically set at 31 days. This means that policyholders have a full 31 days to make their premium payment after the due date without the risk of losing coverage. This regulation is designed to offer policyholders some flexibility and security, ensuring they have sufficient time to manage their finances and maintain their insurance coverage.

Extending the grace period beyond this minimum is permissible under North Carolina law, but the core requirement is that insurers must allow at least 31 days. Policies designed with a shorter grace period would not comply with state regulations, reaffirming the importance of understanding the statutory obligations insurers have towards their policyholders. The grace period protects consumers by giving them additional time to meet their payment obligations without the immediate threat of policy lapse.