Once you know the grace period insurance meaning, it is crucial to know the standard grace period for the insurance policy. Generally, the grace period during which you can pay the life insurance premium ranges from 15 to 30 days. During this period, insurers will remind you of the pending payment and might inquire about the reason for the delay. Once this period expires, your insurance policy will lapse, and you will stand to lose out on the benefits. So, even if you make a life insurance claim after the grace period for the insurance policy expires, the insurer has the right to reject the insurance claim.