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Anonymous

20 Jan 2024

∙

Hi ! Does anyone know if it’s ok to pay my insurance premium abit later? Lets say it’s due tomorrow, can I pay 1-2 weeks later? As I am still waiting for my Maybank credit card to arrive..(Prudential)

Thank you if you could share advice or your own experience! 😊

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Elijah Lee

22 Jan 2024

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

There's no issue in waiting a bit. You usually get a grace period of 1 month.

If its a new policy that hasn't been incepted, you could always request an extension of the deadline since the policy has not commenced.

If its a renewal premium then you have to be careful, any lapse can be reinstated but subject to medical underwriting, if its a participating plan with cash value, automatic premium loan may be triggered and you'll be charged interest if you pay too late.

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Connie

22 Jan 2024

Yup usually the insurance company and your agent will send you several warning/reminders.

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CH

21 Jan 2024

Generally 1 month grace period. eg premium due on 1Jan, but you have up to before 1 Feb to pay. but ...

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