But if you miss one, don’t panic! You usually have a little wiggle room before anything drastic happens. Here’s what you need to about keeping your policy active and your coverage on track.

What Can I Do If I’m Struggling to Pay My Premiums?

Don’t assume you have to cancel your policy! If you have a MiWayLife policy, you can adjust your premiums to a more manageable level. While this will reduce your cover amount, it’s still better than losing your coverage completely. Later on, when your financial situation improves, you can increase your premiums and cover amount again.

What Happens If I Miss a MiWayLife Premium Payment?

If you miss a premium payment, we’ll notify you via email and SMS. You’ll have a 15-day grace period to make up for the missed premium, ensuring your policy stays active. Just remember that at the end of the month, you’ll still be debited for the following month’s premium.

We’ll attempt to collect your payment for up to three months before your policy is automatically cancelled. This is called a lapse. If this happens, you can still reinstate your policy within two months without having to start a new waiting period. However, if more time passes, you may need to reapply, which could lead to higher premiums or a medical evaluation.

What Happens If Your Policy Lapses?

If your policy lapses, your loved ones won’t receive a payout if you pass away or are diagnosed with a terminal illness. Since MiWayLife policies don’t accumulate cash value, there won’t be any payout or refund if your policy is cancelled due to non-payment.

What Should You Do If You Miss a Payment?

The best course of action is to pay your premium as soon as possible. If you’re still within the grace period, you can settle it without any issues. If your policy has already lapsed, contact your insurer right away to explore your options for reinstatement.

How to Avoid a Lapsed Life Insurance Policy

To make sure your policy stays active, consider setting up automatic payments so you never miss a due date. Keeping your banking details updated will also help prevent any failed transactions. Additionally, planning for yearly premium increases ensures that you’re financially prepared for any adjustments.

The Bottom Line

Ideally, you never want to miss a life insurance premium payment, but if you’re struggling to make them, reach out to your insurer before your policy lapses. Staying on top of your premiums ensures your loved ones remain protected and gives you peace of mind.

Did you know:

You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.