Short answer: Vermont life policies must allow 30 days, or at the insurer's option one month of at least 30 days, to pay any premium after the first, and the policy stays in full force during grace. The policy and an attached application are the entire contract, and application statements are representations, not warranties, absent fraud.
This guide is general consumer information for Vermont life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
Grace period and entire contract
8 V.S.A. 3731 lists Vermont's standard life policy provisions. Two matter most to buyers:
- Grace period: 30 days, or at the insurer's option one month of not less than 30 days (four weeks for weekly-pay industrial policies), for any premium after the first. The policy continues in full force; a claim during grace may have the overdue premium deducted.
- Entire contract: the policy and the application, if a copy is endorsed on or attached to the policy when issued, are the entire contract, and application statements are, absent fraud, representations and not warranties. Keep the attached application and check it for errors when the policy arrives.
Incontestability
8 V.S.A. 3734 covers incontestability and the limitation of liability after reinstatement. Ask the insurer for the date your contestable period ends, and when it restarts after a reinstatement.
Insurer financial strength
To ask about an insurer's financial strength or solvency under Vermont regulation, contact the Vermont Department of Financial Regulation.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Vermont.
Frequently asked questions
What's Vermont's life insurance grace period?
30 days, or one month of at least 30 days, under 8 V.S.A. 3731.
Are Vermont application answers warranties?
No. Absent fraud they are representations, and an attached application forms part of the entire contract.
Alishahi Insurance · 439 N Canon Dr, Penthouse, Beverly Hills, CA 90210 · (877) 711-4545 · CA License #4348151. General information only. This isn't legal, tax or financial advice or a coverage determination. Coverage depends on policy language and underwriting, and rules vary by state.