Which key provision regarding premium payments must be disclosed in a Virginia life insurance policy?

In a Virginia life insurance policy, one of the key provisions that must be disclosed is the grace period for late payments. This provision is essential because it informs policyholders of the amount of time they have beyond their due date to pay their premiums without the risk of having their policy lapse. The grace period typically allows for a certain number of days during which a payment can be made after the due date, providing policyholders with a safety net if they encounter temporary financial difficulties.

This is significant because life insurance is a critical financial product that protects the insured's beneficiaries in the event of the policyholder's death. Knowing the grace period helps consumers manage their finances better and ensure continued coverage. Without this information, policyholders might inadvertently allow their coverage to lapse, resulting in a loss of benefits at an inopportune time.

Other provisions, such as penalties for late payments or how often premiums can be changed, may be important to consumers but are not mandated to be disclosed as prominently as the grace period. Similarly, the cancellation procedures, while necessary for policy comprehension, do not have the same immediate implication on the maintenance of coverage as the grace period. Thus, clarity around the grace period is vital for informed decision-making in life insurance policies in Virginia.