What happens if I miss a premium payment?
Asked a year ago
If you miss a premium payment with Weslyan Assurance Society, it is important to rectify the situation promptly. After the missed payment, you will first receive a reminder notice informing you of the overdue premium. If the payment is not made within the specified timeframe, the policy will enter a grace period, typically 30 days, during which the policy remains active. However, if the premium remains unpaid beyond the grace period, the policy may lapse, and the coverage and benefits associated with it can be lost. It is crucial to reach out to Weslyan Assurance Society as soon as possible to discuss the missed payment and explore available options to reinstate the policy to avoid any disruptions or forfeits in coverage.
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