When Do I Make My First Life Insurance Premium Payment?
Timing for your first premium payment depends upon your specific needs. If you require temporary and conditional coverage during the time your policy is being underwritten, you must send in your first premium payment with your application to IntelliQuote®.
However, we do not require a premium payment to be made at the time of application if you prefer not to take advantage of the temporary and conditional coverage during the underwriting process. Your first premium payment may be made when your policy is issued and accepted.
After your initial premium is made, future payments will be based upon your desired payment options including: monthly, quarterly, semi-annually and annually. If you choose monthly payments, this option requires EFT automatic bank withdrawals. The insurance company will mail a bill for quarterly, semi-annually and annual payment options.
Sometimes life happens and if you miss a premium due date most insurance companies will have a 31 day grace period to pay the premium due. Your policy will remain in force during the grace period. If you do not make the required premium payment within the grace period your policy will lapse. A lapsed policy may be reinstated in most cases after completing an underwriting questionnaire, being approved by the company, and bringing current all unpaid premium payments.