When it comes to paying your bills, there may be times when you look at them all and try to decide which ones are the most important and which ones can get shuffled to the bottom of the pile- especially during those months when income hasn’t been so great. Well, here are a few reasons why you should keep that insurance premium bill on the top of the pile.
First, your insurance policy could be canceled for non-payment which means you will not have the coverage you need. This holds true for all types of insurance out there whether you are looking at your business or personal bills. And having that coverage is very important in the event that something unforeseen happens that you can not handle financially on your own.
Second, it may be hard to get back the quality of coverage you had on that canceled policy. For example, you may have qualified for a life insurance policy with a very low rate back at its inception. But now that you are older you may not qualify for the same rate. You will need to be reevaluated using the rates that apply to today’s standards.
No matter what type of coverage you are looking for, a non-payment cancellation will show up on your payment history for up to three years. So if your information is being reviewed for coverage that non-payment may be held against you.
If you are having difficulty paying your insurance premium, talk with your agent to see what can be done BEFORE the payment becomes past due. Resolution may come from simply changing the due date of your payment, changing payment options or adjusting your policy to better fit your financial situation. Call us with any concerns and we will do our best to get you back on track with your payments.