What happens if I miss a premium payment?

If a customer misses a premium payment for their Sun Life Direct insurance policy, several things may happen depending on the specific terms of their policy. Generally, a grace period is provided, which allows the policyholder additional time to make the payment without any penalties or loss of coverage. This grace period can vary, but it is often around thirty days. If the premium is not paid by the end of this period, the policy could lapse, meaning that the coverage will no longer be in effect. In some cases, if the policyholder has built up cash value in a permanent insurance product, the company may use that cash value to cover the premium temporarily. On the other hand, consistently missing payments can lead to a loss of coverage and could also affect the customer's future ability to obtain insurance. To avoid any repercussions, it is advisable for customers to stay in contact with the company and refer to their policy documents for specific details regarding payment terms and potential consequences for missed payments. For the most accurate and personalized information, customers may want to look on the current Sun Life Direct web page.