General insurance How long can some one continue paying premium fee?

[sincerem]

I've thought about this recently, since we are talking vividly around insurance and it's policies. No one have come to ask him or herself that, how long will he or she continue paying for those policies?

I don't know if it's simply a lifetime payment as the days rolls by. Or their is some specific duration of time for the payment of premium to end and the insured takes the benefits even if the conditions of damages didn't occur.

I know some insurance policy have different terms for instance, just like "term life insurance. Which you pay for some certain duration and after expiration of contract the benefits goes to the insured.

Does that apply to other policies? that after some certain duration payment stops, and benefits automatically enters into our account?

 

[Mandy96]

Premium payment continues as long as your insurance is on. It is what makes the contract valid, once you stop paying, you will start having issues with the insurer which make cause the destruction of the agreement between the insured and the insurer. It might monthly or yearly but you have to keep paying till the end

 

[btaliat]

Just like the first poster said, you only need to continue to be paying those premiums until your insurance policy elapses. Naturally, every insurance policy has its own expiry date. So when it is expired, you have the option of renewing it or you terminate it. So the choice depends on you.

 

[sincerem]

Premium payment continues as long as your insurance is on. It is what makes the contract valid, once you stop paying, you will start having issues with the insurer which make cause the destruction of the agreement between the insured and the insurer. It might monthly or yearly but you have to keep paying till the end

That's candid of your comments dear. I now understand that, the continuous payment of the premium plan makes it valid, and keeps the insured on the benefit fold when the unexpected occurs. Their is no problem to that, since insurance companies also makes money from the continuous payment of the premium services.

 

[Jamoflondon]

As much as I know about insurance I think the premium are usually paid until the policy plan ends, which means as long as it still holds, the client will continue to pay because it is what validates the contract had with the insurer. This is something that should be known by every insured individual

 

[Nite]

One can continue paying the premium fee till the term of the insurance ends. The end of a term life insurance doesn't mean that you're going to lose coverage. No worries as you have the option to renew or convert your term life insurance policy, but you'll have to pay higher rates for that.

 

[kayode10]

I think this depend on the type of insurance you are planning to do. There are some insurance policy which required you continue to pay is a premium as long as the contract still exist. An example of this is life insurance over your self and your family members. The same thing goes for car insurance.

 

[Mataracy]

This is a very good question which really require answer and it will really help those who has such question in mind before.
To my little understanding concerning insurance. I believe that there ate some policy that has specific time for the expiration while life insurance police is totally for life premium payment through one may have opportunity to be getting benefit from the premium contributed but no termination before the specify period if time.

 

[btaliat]

This is a very good question which really require answer and it will really help those who has such question in mind before.
To my little understanding concerning insurance. I believe that there ate some policy that has specific time for the expiration while life insurance police is totally for life premium payment through one may have opportunity to be getting benefit from the premium contributed but no termination before the specify period if time.

You are right with your answer. Apart from the life insurance, and it is only whole life term insurance, that requires the insured to be paying premium til he or she dies, other insurance polices has a specific time that the insured has to pay the premiums. And when the time expires, he can decide to renew or cancel.

 

[Wisdom01]

It all depends on the agreement you made with the insurance company , most times you could choose to insure your property for a duration of 3 years or more and you would actually keep on paying the premium fee till that year end and runs out I think it's the basics