While there may be certain bills and costs that you may want to pay manually, life insurance – and other policies for the matter – is one of those recurring expenses that is ideally set up as an automatic credit card charge or bank draft. This is especially true in the case of a term life insurance where you pay the same premiums.
The reasoning behind this is simple: once you forget to pay your life insurance bill on time – or within the given grace period, which is normally 30 days – your policy may be cancelled by your provider altogether. In the event that this happens, your agency may not allow you to pay back your missed payments – neither are they required to reinstate your policy.
All Insurance Florida advises you to look for an insurance agency in Florida that will allow you to pay your monthly premiums automatically, so you will never have to worry about your policy lapsing.
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