Premium Mode

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Premium Mode The premium payment frequency selected by the insured. Most insurance companies offer annual, semi-annual, quarterly or monthly payment modes. It is important to know that a premium is the periodic payment required to keep an insurance policy in effect. The insured decides on the schedule upon purchasing a policy. The insured is billed according to this schedule, and some insurers allow the insured to change the schedule. The monthly option may be slightly higher than semi-annual premiums because additional expenses are incurred. Besides the frequency with which you make life insurance payments, mode of premium also determines how you make payments, such as by check or digital payment methods. More frequent modes (monthly) of premium payment usually cost less per payment as compare to less frequent say twice a year. In conclusion, the premium mode you choose determines how often you pay your insurance premiums. Consider your budget, cash flow preferences, and potential discount options to select the mode that best suits your financial situation and ensures you maintain uninterrupted coverage #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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