5 Secrets to No Sweat Insurance Payments

Struggling to keep up with your life insurance payments? Check out these tips on how to make it easier and more convenient. 

Getting a life insurance is a life essential that few people avail of. This is perhaps because it takes commitment to be able to complete payments. Unlike basic necessities where people can see right off the benefits, the value of insurance will only be seen when it is already needed.

If you are smart enough to sign up for a life insurance. Good for you! The next step is to make sure you make regular payments. Here are some tips on how you can do that.

Remind yourself of your scheduled payments.

Calendar reminders make it easier for people nowadays to keep up with their monthly financial commitments. Set an alarm a week before so you can prepare your payment.

Go for annual payments.

Aside from the fact that it’s cheaper if you pay annually as opposed to monthly, it will also lessen the chance that you will forget to pay and cause your plan to lapse. On your own, set aside a portion of your monthly income for insurance. It’s the same thing really, only cheaper.

Consider lifetime costs.

Life insurance rates increase depending on your age, your health status, and the current economic outlook. To avoid increased payments, go for a life insurance with a fixed rate and lifetime coverage. Visit https://www.fwd.com.ph/en/all-insurance-products/ and check its life insurance plans.

Pay on time.

Make sure to pay for your plan regularly and on time. A lapse in your payment can result in the lapse of your insurance plan. If that happens, it will cost more to reapply.

Consider automatic payments.

There are some banks nowadays that allow for automatic payments. Check if your bank offers the service. This is very convenient especially to those who don’t have the time to go to banks and pay. The amount you need to pay will automatically be debited from your account every month or every year.