Glossary

Premium frequency

Also called payment mode.

How often premiums are paid — yearly, half-yearly, quarterly or monthly.

Premium frequency is the payment schedule. Monthly payment normally requires a standing instruction or electronic mandate rather than manual payment.

Frequency affects the total paid across a year, and can affect the length of the grace period.

Related terms

  • Modal premium The amount payable each time, at the chosen payment frequency.
  • Grace period A window after a missed premium during which the policy remains in force.

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