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Life Assurance - How it works
How do life assurance premiums work?
Life assurance premiums are usually paid monthly, although some polices do allow you to make a one off premium to provide cover for the whole year. If the premiums are not paid, your cover will lapse meaning they will not pay out if the assured person dies. Some companies will cancel the policy if a payment is missed, meaning that the case will need to be fully underwritten again. Most life assurers offer an insurance policy if you are unable to meet the premiums for your life assurance. This policy after a prolonged period of sickness, accident or redundancy will then pay the premiums for this policy for a specified period of time. This mini insurance is called waiver of premium. Although this will add small amount to your premium, it helps ensure that you are always protected.| Previous : Types of Life Assurance | Next : When does a life assurance policy pay out? |
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