What is South Carolina's REQUIRED grace period for a life insurance policy?

South Carolina’s required grace period for life insurance policies is 31 days. This provision ensures that policyholders have a full month to make their premium payments without risking the loss of coverage. During this grace period, the policy remains in force, allowing the insured time to pay the overdue premium without the worry of losing their benefits or having the policy lapse. It provides a level of security for consumers, allowing them some flexibility in financial planning and managing unexpected circumstances that may lead to payment delays. This requirement aligns with standard practices in many states, ensuring consumer protection in the insurance sector.