Insurance policy getting you down? There are always sound insurance alternatives.
Investments like stocks, mutual funds, or cryptocurrencies carry some level of risk which you might shy away from for a variety of reasons. Whether you’re saving for college, getting ready to buy a house, or nearing retirement, if you’re looking for safer investment options, here are some o.... More »
On June 4, 2020, the Canadian Mortgage and Housing Corporation (CMHC) announced changes to the eligibility rules for mortgage insurance, in the agency’s latest response to the COVID-19 pandemic. The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a hig.... More »
Universal life insurance is a hybrid policy that combines certain elements of both term and whole life. Universal life coverage offers the consumer the benefits of a more conventional term life policy and can build up a cash value more quickly than traditional whole life. It also offers a less rigid.... More »
If your children live at home and will drive your car, even occasionally, your insurance company will consider them “occasional drivers” and will add them to your auto insurance policy. The rule also applies to others living in your household, including relatives and roommates. When sho.... More »
Life gets busy sometimes. It’s not surprising you might forget to pay your insurance premium. But what does that mean for your coverage? Some insurance is optional, but some — like auto — is mandatory. So, the last thing you want is a cancelled policy.
Thankfully, you might not need to panic. You usually have time to get caught up on your missed payment by virtue of the insurance grace period. But the late payment has repercussions, and the details of those depend on your insurance contract.
Finding the Grace Period
You can find the specific grace period for your insurance outlined in your policy. According to the Insurance Bureau of Canada, a grace period is the time after a premium is overdue during which you can pay the premium without a penalty. Your policy is not suspended, nor is it cancelled during this time.
Your Rights as a Consumer
Some kinds of insurance, like auto, are closely regulated. That gives you some rights when it comes to grace periods. In Ontario, the Auto Insurance Consumers’ Bill of Rights says you have the right to keep your policy within 30 days of one or two rejected automatic payments for non-sufficient funds…