Grace Period: In case the premium is not paid on the premium due date, a grace period of 15 days is given to insured and during grace period coverage is not applicable. (policybazaar.com)
The higher the amount, the more you will pay on your premiums for it. (autos.com)
Just remember, the larger the death benefit, the more you will pay on your premium so be sure you know exactly what you want to cover before you start shopping around. (lifeinsuranceblog.net)