What happens if I miss a premium payment?

If a policyholder misses a premium payment for a policy with Wesleyan Assurance Society, several consequences may follow, depending on the specific terms and conditions of the policy. Generally, there is a grace period that allows the policyholder to make their payment without losing coverage. This grace period typically lasts for a certain number of days, during which the policy remains active. If the payment is not made within this grace period, the policy may lapse. A lapsed policy means that the insurance coverage will no longer be in effect, and the policyholder will not be able to claim benefits until the policy is reinstated. To reinstate a lapsed policy, the policyholder may need to provide evidence of insurability and pay any outstanding premiums, which could include additional fees or penalties. In addition, missed payments could also affect the policyholder's future premiums, as they may have to pay a higher rate upon reinstatement, depending on the age and health of the policyholder at that time. It is essential for policyholders to review their policy documents and understand the specific terms related to missed payments and reinstatement. For the most accurate and tailored information regarding individual circumstances, it is advisable to refer to the specific policy documentation or the most current web page for additional resources.