Premiums are no stranger to a policyholder when one has to part with his money to get insured. However, the topic of premium payment usually surfaces only when you have sat through a long policy explanation by your financial adviser so by the time you have to select your premium payment method, you would probably just agree with your adviser’s suggestions, trusting that it would be the ideal choice for you. Well, that is true most of the time, but paying premium is not as simple as forking out money every month and here are things you need to know before agreeing to that monthly premium payment!

For those who are unfamiliar with the term, an insurance premium is the amount of money an individual or corporation has to pay for purchasing an insurance policy. In short, the cost of your insurance. For the …