The Long Read
Everything you *need to know* is right above this. Scroll down, only if you'd still like to read more (honestly, why?)
When you buy a term insurance plan, you need to pay your premiums regularly at a pre-decided time. Failure to do this will result in a policy lapse and loss of benefits.
You have the option of choosing how frequently you pay the premiums. Let’s look at the various available options:
It totally depends on your convenience. For example, if you don't mind annual payments, it can help you save ~5%. Or you can opt for the monthly option if that is the lightest on your wallet.
Simple. Just activate auto-pay with your bank or your credit card to ensure you never miss out on your premium payments.