A few days back, I logged onto my insuer’s website to check on my premium due date. To my aghast, I realized that the term policy that I had bought, was missing in the life policy listing.
As the insurer’s hotline was closed, I could not verify whether I had missed out the payment.
I went on to have a sleepless night, worrying if the policy had lapsed
Generally a Kia Si person, I had crazy thoughts.
What if I suddenly die tomorrow? My family will not have any insurance payout.
Maybe I should just leave a note so that they can do a minimalist funeral since I left no money for them.
That said, I calmed myself down and decided to quickly request for reinstatement of the policy the next thing tomorrow.
I kept asking myself if I had really forgotten to pay for my premium.
Of course by now, you will realize that this is the con of buying term insurance – once premiums are not paid, your policy will lapse.
You cannot take a premium holiday like a wholelife policy.
Thus, I shall like to remind our readers not to forget your premium if you are on term policy and to arrange it on GIRO if possible.
Luckily, this story does have a happy ending.
It turned out that the insurer’s website just had some display problem when I called the insurer the next day.
www.ClearlySurely.com aims to eradicate the knowledge gap between consumers and Life Insurance. Our Vision is that one day, every Man, Woman, and Child will be properly insured.