{"id":32158,"date":"2022-06-12T17:44:32","date_gmt":"2022-06-12T17:44:32","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/what-happens-if-you-skip-a-payment-on-a-life-disability-or-severe-illness-policy"},"modified":"2022-06-12T17:51:40","modified_gmt":"2022-06-12T17:51:40","slug":"what-happens-if-you-skip-a-payment-on-a-life-disability-or-severe-illness-policy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/what-happens-if-you-skip-a-payment-on-a-life-disability-or-severe-illness-policy","title":{"rendered":"What happens if you skip a payment on a life, disability or severe illness policy?"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>The Policyholder Protection Rules issued under the Long-term Insurance Act oblige life insurers to notify you within 15 days of you not paying a premium on the due date and to give you a further 15-day grace period before you lose the cover \u2013 known as lapsing your cover.<\/p>\n

If the premiums are paid more than once but at intervals of a month or more, the insurer must notify you within a month and give you a further month to pay the outstanding premium before the cover lapses. Some life insurers will suspend your cover after this grace period, but give you up to three months to catch up the missed premiums before your cover lapses.<\/p>\n

Avoid a lapse<\/b><\/p>\n

You should do your utmost to avoid letting your policy lapse because if you want to reinstate it later, your life insurer will then reassess the risk you pose to it.<\/p>\n

You will be older and possibly have some more health issues than you did when you first took out cover and this could result in an increase in your premiums or exclusions on cover.<\/p>\n

It may be possible to cut your life, disability and critical illness cover back to make premiums more affordable, rather than losing the cover altogether.<\/p>\n

Check whether you can increase your cover again back to what it was before you reduced it, without any medical underwriting \u2014 that is, no tests or medical questions. Alternatively, you may be able to suspend your premiums and your cover for up to three months.<\/p>\n

Some companies limit the number of times you can suspend and restart your premiums \u2013 known as a revival of the policy. Some companies allow you to skip a number of premiums over a period \u2013 for example six premiums over three years, but they base your cover on the premiums paid over the past six months \u2013 so your cover reduces the more you fail to pay your premiums.<\/p>\n

This article was first published on SmartAboutMoney.co.za<\/b><\/p>\n

, an initiative by the Association for Savings and Investment South Africa (ASISA).<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. The Policyholder Protection Rules issued under the Long-term Insurance Act oblige life insurers to notify you within 15 days of you not paying a premium on the due date and to give you a further 15-day grace period before you lose the cover \u2013 known as lapsing your cover. If the premiums […]<\/p>\n","protected":false},"author":84,"featured_media":32157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,1778,2365,275],"class_list":["post-32158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-asisa","tag-life-assurace","tag-south-africa-2"],"yoast_head":"\nWhat happens if you skip a payment on a life, disability or severe illness policy? - South Africa<\/title>\n<meta name=\"description\" content=\"The Policyholder Protection Rules issued under the Long-term Insurance Act oblige life insurers to notify you within 15 ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/what-happens-if-you-skip-a-payment-on-a-life-disability-or-severe-illness-policy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What happens if you skip a payment on a life, disability or severe illness policy?\" \/>\n<meta property=\"og:description\" content=\"The Policyholder Protection Rules issued under the Long-term Insurance Act oblige life insurers to notify you within 15 ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/what-happens-if-you-skip-a-payment-on-a-life-disability-or-severe-illness-policy\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-12T17:44:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-12T17:51:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/06\/postQueueImg_2-62a6279131d62.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/what-happens-if-you-skip-a-payment-on-a-life-disability-or-severe-illness-policy#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/what-happens-if-you-skip-a-payment-on-a-life-disability-or-severe-illness-policy\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"What happens if you skip a payment on a life, disability or severe illness policy?\",\"datePublished\":\"2022-06-12T17:44:32+00:00\",\"dateModified\":\"2022-06-12T17:51:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/what-happens-if-you-skip-a-payment-on-a-life-disability-or-severe-illness-policy\"},\"wordCount\":367,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/what-happens-if-you-skip-a-payment-on-a-life-disability-or-severe-illness-policy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/06\/postQueueImg_2-62a6279131d62.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"asisa\",\"life assurace\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/what-happens-if-you-skip-a-payment-on-a-life-disability-or-severe-illness-policy#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/what-happens-if-you-skip-a-payment-on-a-life-disability-or-severe-illness-policy\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/what-happens-if-you-skip-a-payment-on-a-life-disability-or-severe-illness-policy\",\"name\":\"What happens if you skip a payment on a life, disability or severe illness policy? 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