What feature helps ensure that a death benefit is still paid if the insured dies during the grace period?

The grace period provision is a critical feature in life insurance policies that provides policyholders with a specified period—usually between 30 to 31 days—after a premium due date to make their payment without risking the coverage. If the insured passes away during this grace period, the death benefit is still paid, even though the premium may not have been paid yet. This provision assures beneficiaries that they will not face the loss of coverage due to a missed payment, ensuring financial protection during unfortunate circumstances.

The accumulation period, waiver of premium, and conversion privilege serve different functions within insurance policies. The accumulation period relates to the growth of policy cash values, while the waiver of premium allows the policyholder to skip premium payments under certain conditions, such as total disability. The conversion privilege typically allows for policy changes under specific terms without requiring evidence of insurability. These features, while valuable, do not directly guarantee the payment of the death benefit during the grace period, which is specifically addressed by the grace period provision itself.