Automatic Premium Loan

[blurpandasg2014]

Is anyone familiar with insurance company activating automatic premium loan (APL)?

Just got an email that my policy had entered APL despite GIRO being set up for thay policy (and sufficient funds for deduction)

Is it the norm for insurers to activate APL without sending letter of reminder for premium payment?

 

[Value.Matrix]

Is anyone familiar with insurance company activating automatic premium loan (APL)?

Just got an email that my policy had entered APL despite GIRO being set up for thay policy (and sufficient funds for deduction)

Is it the norm for insurers to activate APL without sending letter of reminder for premium payment?

They could have sent but you didn't received. Or the letter is too late when they sent out.

Ans yes, they will automatic go to apl. If your payment is prompt for many years, write them to waive the interest.

 

[Shion]

Unlikely no letter or reminder. Maybe you login to your account to check if there is any notice/letter/reminder/statement in soft copy ?

 

[boredboiboi]

Is anyone familiar with insurance company activating automatic premium loan (APL)?

Just got an email that my policy had entered APL despite GIRO being set up for thay policy (and sufficient funds for deduction)

Is it the norm for insurers to activate APL without sending letter of reminder for premium payment?

Did your agent remind you?

 

[limster]

Did your agent remind you?

DIY is the best... what if agent also forget?

I just set google calendar annual reminder for all these annual payments

 

[boredboiboi]

DIY is the best... what if agent also forget?

I just set google calendar annual reminder for all these annual payments

Not all plans can diy. There are a few ways of reminder. Agents forget is also common. But agent will have a reminder email etc to remind agent to keep track.