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WHAT TO DO WHEN YOU CANNOT AFFORD YOUR INSURANCE PREMIUM?

Access Blog Admin
July 22, 2022
2 min read
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With the economic state of things lately, many people are dealing with financial strain and difficulty. There is a high possibility the increased standard of living makes you cut back on some necessities like insurance. But a little financial difficulty should not bring an end to your insurance coverage. In this post, we will discuss the options available to you in case you cannot afford your insurance premium.

Firstly, you should maximize the insurance grace period. Most insurance companies offer policyholders grace periods which protects them from losing coverage immediately in case they are late on premium payments. During this period, you can start planning on the funds for the next payment. Regulations about how long grace periods last vary, depending on factors like the policy type, coverage value, company terms and policies etc.

Also, you can consider reducing your coverage. If you are still struggling with paying your insurance premium after the grace period, another option to explore is reducing your coverage. As much as this might seem like a bad idea, having some coverage is better than nothing. If you default on payment for a long time, your insurance company will have no choice but to withdraw the whole coverage. Afterall, you can increase your coverage as soon as you are back on your feet.

Lastly, opt for Premium Financing. Premium financing is a system that lends policyholders money to pay their insurance premiums. This is one of the safest choices for people who do not want their coverage reduced or canceled. One of the advantages of this financial system is that it allows you to pay the loan over time. Coronation Insurance Premium Financing offers you affordable coverage of motor insurance, fire and burglary insurance, marine insurance, travel insurance, and credit life assurance.

  In conclusion, a financial downtime or challenge should not make you lose your claims. With any of the above-mentioned options, your insurance coverage will be covered in case of financial difficulty.

Please contact 2341-2774500 Or send an email to contactcentre@coronationinsurance.com.ng to know more.

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Access Blog Admin
Our blog is dedicated to exploring the latest tech trends and innovations, from AI and machine learning to blockchain and virtual reality. We're a community of tech enthusiasts, entrepreneurs, and developers who are passionate about pushing the boundaries of what's possible.
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