Phase change is not worth the insurance payment Insurance Tips

Category: Insurance tips Release Date: 2006-08-01

If you purchase insurance, but due to some reasons can not be in accordance with the time stipulated in the contract premium, the insurer is able to change the payment period?
In response, insurance professionals, to answer, the insurance will pay period of the changes are not desirable. When the insurance contract is signed, it had already agreed payment period. As an insurance policy is a time-effective, that is, when the insurer decided to pay the premium at a time when the entry into force of the policy period of time and security, as well as to receive the next payment period of insurance benefits by insurance policy also stringent requirements to be finalized early. If the payment period of change, is equivalent to the original insurance contract signed between the protection of the interests have changed.

For example, change the payment period in the circumstances, the insurance benefits payments under the settlement period should redraw; while the validity of the original additional insurance is one year, change the payment period is equivalent to additional insurance you want to change the contract expiration date; the same cash value Changes need to re-calculation.

Basically, a lot of the original contract had to protect the interests of the payment period due to changes and re-evaluation, is undoubtedly the surrender of the original insurance contracts, re-sign a new insurance contract, this new form of "first surrender on re-insurance" will insure people in great economic losses, so to change the insurance payment that the practice is an effective solution.