Which of the following must be included in all life insurance policies in Virginia?

In Virginia, a grace period for premium payments is a required provision in all life insurance policies. This provision ensures that policyholders are given a certain timeframe—typically 30 days—after the premium due date to make a payment without risking the lapse of coverage. This is crucial as it provides policyholders some financial flexibility and protection against accidental non-payment due to unexpected circumstances, thus allowing them to retain their insurance coverage.

The inclusion of a grace period aligns with consumer protection measures, ensuring that policyholders do not lose their benefits due to timing issues with premium payments. It underscores the importance of maintaining active coverage and is a fundamental consumer right in the realm of life insurance. Other options, although beneficial and present in many policies, are not universally mandated by Virginia law, making the grace period a key requirement that all policies must uphold.