Grace Period — Florida Individual Life (F.S. 627.453)

Every individual life contract in Florida must provide a grace period of not less than thirty (30) days for premium payment (F.S. 627.453). At the insurer's option, the late payment may carry an interest charge of not more than 8% per year for the days of grace elapsed. If death occurs during the grace period, the premium due, with interest, is deducted from the death benefit.

In Florida you get 30 days of late-payment mercy on an individual policy — the insurer can charge up to 8% interest on the delay, and if you die mid-grace, the overdue premium comes out of the payout.