In Virginia, insurers are required to provide a grace period for premium payments of at least how long?

Insurers in Virginia are mandated to offer a grace period for premium payments of at least 30 days. This regulation is crucial because it protects policyholders by allowing them extra time to make their premium payments without risking a lapse in coverage. The 30-day grace period is particularly important in ensuring that policyholders can manage their financial circumstances better, as it helps mitigate the consequences of late payments, such as losing life insurance coverage. It is a consumer-friendly provision that reflects the state's commitment to providing a fair and supportive insurance environment. This extended period also distinguishes Virginia's regulations from those of many other states, which may have shorter grace periods.