Managing your policies and agent: 10 common questions
Buying a policy is the start, not the end. These questions help you keep your family’s policies in order so they work when you need them.
10 questions
My agent disappeared or doesn’t answer. Is my policy affected? Can I change agents?
Your policy is not affected; it’s a contract between you and the insurer. Ask the insurer to change your servicing agent, or approach an agent you trust to take over.
How do I organise all my family’s policies? Can someone do a policy review?
Gather all policies, annual statements and premium receipts, then list each policy’s life assured, cover, sum assured, premium and expiry. Lulu can do a free policy review and put it into one clear table showing gaps and overlaps.
I have many policies. Have I bought the same cover twice?
Possibly. The most common duplicate is medical cards, which pay actual bills, so several don’t pay more. Fixed-benefit life and critical illness cover can stack, but check that the total premium makes sense. A review makes it clear.
What happens if I pay late? How long is the grace period?
Regular-premium policies usually have a grace period of about 30 days, during which cover continues. If you still haven’t paid after that, the policy may lapse; investment-linked plans keep deducting from the account value until it runs out.
Can a lapsed policy be reinstated? Do I need a new medical check?
Usually within a set period after lapse (commonly two years) by paying overdue premiums, possibly with interest, and declaring your health again, sometimes with a medical check. Some waiting periods may restart after reinstatement.
I moved or changed my phone number. How do I update my details?
Through the insurer’s customer portal or app, a change form, or by asking your agent to submit it. Keep contact details current or you may miss premium notices and important letters.
What should I look at in my annual policy statement?
Current cover and sums assured, premiums paid, the cash or account value, and for investment-linked plans, the insurance charges and how the account value has moved. If the account value keeps falling, review it quickly to avoid a lapse.
Is it cheaper to pay premiums monthly, quarterly or yearly?
Annual payment is usually slightly cheaper in total, as monthly modes may carry loading. Monthly is easier on cash flow. What matters most is a mode you can keep up.
Can I pay premiums by credit card? Are instalments available?
Most insurers accept credit cards, and some bank cards offer interest-free instalment plans for premiums, depending on the bank and insurer. Auto-debit avoids forgetting a payment.
More topics
- Getting started 22
- Medical card 29
- Life, critical illness & accident 19
- MLTA / MRTA 13
- Car insurance & roadtax 29
- E-hailing insurance 10
- Lorry & commercial vehicles 11
- Fire insurance 23
- Business & employees 14
- Education fund 9
- Wills 15
- Wealth legacy 12
- MM2H & foreigners 9
- Claims 11
- Common problems 15
- Lulu’s 13 years: real stories 15
Free policy review
Send photos or PDFs of your policies to Lulu, and she’ll organise them into one clear table.