We get it. Life can get messy and there are lots of reasons why debit orders bounce. But what does a missed payment mean for your MiFuneral policy? More importantly, will your family still be covered when they need it most? Here’s what to do if you’ve missed a payment or worried about what might happen if you fail to pay a premium.

Thank Goodness For The Grace Period

If your monthly premium isn’t successfully collected on your scheduled debit date, don’t panic just yet. MiFuneral automatically tries to collect again on a different date, giving you time to fix the issue. In addition, there’s a built-in 15-day grace period from the date you’re notified of the failed debit. This gives you a bit of breathing room to resolve the problem and keep your policy active.

What Happens If Your Policy Lapses?

If your premium isn’t paid within the grace period and MiFuneral is unable to collect a payment for three months in a row your policy will lapse. That means all cover stops, and any claims made after this point won’t be honoured, even if the event would’ve been covered otherwise. It’s not just your own cover that’s affected – if you’ve added your spouse, children, parents or any extended family to your plan, their cover will end too.

Good News: You Can Reinstate Your Cover

If your MiFuneral policy lapses, you can still get back on track. As long as you reinstate the policy within two months of the lapse date there will be no need to restart your waiting periods and your original terms will stay the same. But if more time passes, you may need to reapply from scratch. This could mean a new waiting period for natural death and a reassessment of your risk profile.

Keep Your Details Up To Date

Missed payments often happen because of simple admin oversights – like a switch to a new bank account or withdrawing a bunch of cash that leaves you without enough to cover your debits. Remember, it’s your responsibility to be on top of managing your finances and make sure that MiFuneral always has your latest banking details. If these change, notify us immediately to avoid disruptions to your cover.

The Bottom Line

A missed premium isn’t the end of the road, but it can quickly lead to the loss of your funeral cover if it’s not sorted out. MiFuneral’s flexible payment strategy gives you multiple chances to stay up to date, but it’s up to you to take action. If you’ve missed a payment or received a debit failure notice, don’t wait. Contact us as soon as possible to ensure your premium gets paid and we’ll continue to ensure you always have full peace of mind.

Did You Know:

You can now take out affordable funeral cover with us online in a few simple steps. No calls and no agents! Discover the digital way to enjoy full peace of mind by buying a MiFuneral Policy cover online.