Good question! If you’re an entrepreneur, it is not only your family but also your business and your employees (if any) who will be financially impacted by your unexpected demise.
If you are not confident of remembering to pay your premiums on time, you can opt auto-pay from your bank for your premiums. In this way, your premium amount will be automatically debited when it’s due for payment, you don’t have to remember the premium payment dates.
If you have irregular cash flows, consider opting for a single pay premium payment term to pay all your premiums at one go.
But if that is not financially feasible, you can go for limited pay or regular pay premium payment term. The latter option can even give you the flexibility to change your policy benefits considering you’re more likely to stay covered longer than salaried employees.
If you are choosing limited or regular pay premium payment term, you can pay your premiums annually to avoid the risk of missing premium payment.
Or as a last resort, you can choose to pay it monthly/quarterly/half-yearly and enable auto-pay on your bank account or credit card to ensure you don’t miss the payment.