How to comfortably pay insurance premium in installments


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Chuks Udo Okonta

The ability to pay insurance premium as at when due is a huge challenge to most policyholders, as they are faced with numerous demands calling for funds.

To effectively invest in choice insurance policies, a policyholder needs some level of financial discipline and this can be achieved through leveraging Electronic Clearing Services (ECS).

ECS is a convenient option, that debits your premium from bank account on your premium due date automatically.

With ECS, there is no need to remember your premium due dates or issuing/depositing cheques. It helps to ensure your policy does not lapse due to non-payment.

ECS also referred to as direct debt, has helped instill financial discipline in many policyholders and helped them to comfortably pay their premium without hassles.

What to do.

* Choose the ECS payment model

* Ensure your account is funded

* Choose comfortable time for payment – monthly; quarterly; half yearly and annually.

* Keep your payment receipt

* Notify your insurer of any payment challenge

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