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December is a busy month for your wallet – from family gatherings to festive shopping, expenses can add up quickly. With so much happening, it’s easy for a debit order to slip through the cracks. If that happens, don’t panic. You still have time to make up the payment and keep your life or funeral cover active. Here’s what to do if your premium payment bounces.
You have a 31-day grace period to make up a missed payment
We know that there may be times when you have insufficient funds in your bank account for your insurance policy debit order. As a policyholder, you have a 31-day grace period, from the date the premium was due, during which time you can make up the payment.
However, if you don’t make up the missed premium in the grace period, or have had multiple unpaid premiums in the past, your cover may be suspended, your policy may lapse and valid claims may be declined.
We will let you know if your debit order bounces
As soon as we are notified that a debit order has been declined by your bank, we will send you an SMS advising of the missed payment. This SMS will also contain details of how to make up a missed payment, as well as our contact details for any questions you may have.
Top tip: Download your policy schedule on the online policyholder services portal or WhatsApp service centre and make sure we have the correct contact details so we can let you know if your debit order has bounced.
How you can make up a missed premium payment
There are a number of ways you can make up a missed premium, including:
Resubmit your debit order
Ensure you have funds in your account and we can resubmit the debit order. You can advise us of this and request a special deduction either on the online policyholder services portal or by contacting one of our consultants.
If we don’t hear from you or receive a payment we will resubmit the debit order between 15 and 30 days from when it was due.
Pay at a retailer
You can pay the outstanding premium in person at a retailer including PEP, Ackermans, Checkers, Pick n Pay, Builders Warehouse, Makro, Bradlows, Shoprite and Spar. You must use the reference number given in the SMS, email or letter you received from 1Life Insurance in order to make payment at retailers.
Make payment on an app
You can pay your missed premium using a payment app, including SnapScan and Zapper or your Shoprite app. You can also pay using your ABSA, Capitec, Nedbank, Standard Bank, RMB or FNB banking app.
Talk to us if you are struggling to make up the missed payment
Our skilled 1Life Insurance consultants can help you with an alternative payment arrangement. Contact them today!
If you don’t make up a missed premium payment in the grace period
Unfortunately, your policy may lapse if premiums remain outstanding, and you and your loved ones won’t be able to claim on the policy. If you take out a new policy at a later date, you will have to complete a new application form, answer all the medical and personal questions, undergo underwriting and take a new HIV test. Your premium may also be higher if you are older and if there are any changes in your health.
There are instances where lapsed policies can be reinstated. Our 1Life Insurance reinstatement team is available to assist you with this process. Please note that waiting periods may apply to reinstated policies, and the sums assured may differ from those in the original policy
You can contact our reinstatement team on 011 468 9485 or if you are a life cover policyholder you can use the 1Life Insurance WhatsApp service centre to request your life policy be reinstated.
Keep your policy premium payments up to date
Your policy gives your family life-changing financial security. Make your payments this December and make up any missed payments as soon as you can to ensure you and your family are covered. Take care and have a wonderful festive season.