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Beshak Insurance dictionary

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Premium Payment Frequency or Mode of payment
Term Life Insurance

It is like an annual vs monthly subscription. Premiums in Insurance policies can be paid at various intervals, like Annual, Monthly, Semi-Annual, Quarterly.

In all premium payment frequencies, and especially in shorter ones like monthly or quarterly, it makes huge sense to issue standing instructions for auto-debit to your bank or credit card company. This allows the coverage to remain intact and without any breaks.