(From the Ruby Spring Issue)

Every girl still needs protection in these tough economic times. Instead of dropping or reducing your cover here are some tips on alternative payment methods. Monthlies. 🙂

Instead of paying in a lump sum, ask your insurer about paying by instalments. Most insurers allow you to pay your premiums via instalments [monthly, quarterly] either from your bank account or credit card.

Direct debit is fast becoming one of the most popular payment methods. Paying by direct debit allows you to budget. Increases are easier to deal with as they are spread over more payments.

Remember though the policy is still renewed every year, the payments are just monthly.
Monthlies can be suitable for all types of policies including house, car, business trucks etc.

Things to note:

• If you cancel your policy mid-term there may still be cancellation fees.
• Payment can be taken from either a credit card or bank account.
• Add up the total cost to be sure how much it is really costing you. [Some charge extra for this service]
• Most agent or broker have options that do not cost you extra.
• Be careful you do have enough money in your accounts to cover payments.
• Note from your payment schedule the dates and amounts due [ Mark them in your calendar, diary, iPod, iPad or iPhone!]
• Avoid missing two payments in a row, as most insurers would request full payment or they can cancel the policy. Read the ‘T’s and ‘C’s of your agreement.
• If you have a car write off [total loss] you will still need to pay the outstanding premium. [ Usually taken out of your settlement amount]

Monthlies help you keep a little spare in your purse.