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Life Insurance Grace Periods in Hong Kong

A Grace Period on a Hong Kong Life Insurance plan, also known as Days of Grace in the UK, is a period of time during which you are able to pay your premiums after your premium due date, during which cover is kept active.

Normally, if the premium for a life insurance plan was not received on a certain day, called the Due Date, the cover would lapse. However, if the policy provides for a Grace Period then the policyholder will be given the ability to pay the premium late, but without any penalty.

It is important to note that, despite the ability to pay the premium after the due date with the coverage in force, a Grace Period does not constitute a period of free insurance. The coverage is “in force” to prevent a lapse but in the event of a claim during the Grace Period the insurer would normally deduct the premium cost from the death benefit payable.

Important Factors of Grace Periods.

A Grace Period under Hong Kong life insurance plans will normally last around 30 days. This means that a policyholder usually has 30 days from the premium due date to pay for the coverage before the policy lapses. Consequently, payment of the premium during the Grace Period is considered to be payment on time.

However, the Grace Period does not apply for the initial policy premium – that must be paid on or before the specified date, otherwise the application will have to be submitted again including any change in material facts.

In the event that no premium is paid during the grace period then the policy will normally lapse from the original premium due date. Some Hong Kong insurance companies will, however, let the policy lapse at the end of the grace period.

Please not that special considerations may apply to the grace periods associated with Non-Traditional Life Insurance products in Hong Kong, including Universal Life Insurance.

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