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What happens if I don't pay the loan insurance premium?

What is the grace period?

The grace period is the time between when your insurance premium becomes overdue and when the policy is either brought back up-to-date (you repay the overdue premium) or is permanently cancelled.

Am I still covered during the grace period?

You're not covered while there are overdue premium repayments outstanding on your account, even if the policy is not yet officially cancelled.

How can I regain insurance protection?

To regain protection, you must pay the full amount of the overdue premium for any missed months. Your coverage is reinstated on the day the full premium repayment due is paid.

When is the insurance cancelled?

The policy is permanently cancelled if you miss 3 consecutive monthly premium repayments. After cancellation, future monthly obligations will no longer include the insurance premium.