Disability Insurance: Maintaining Your Individual Policy

Most banks these days have online banking, often without a charge. You can arrange payment of the premium to occur automatically under this arrangement.

If you don’t want to use this method, find out if the insurance company has a system to automatically deduct premiums from your bank account. Be sure to notify the insurance company well in advance if you change checking accounts or make changes in your banking that could stop the insurance company from getting the premium payment.

If you use either of these premium paying methods, make sure that the money is in the bank when needed. An easy way to do this is to make a note in your calendar or set an alert on your computer to remind you when the money is due.

Check to be sure each payment is actually made. While this may seem like overkill, a disability income policy can be too important to you to lose it because of a mistake.

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