What happens if I miss a premium payment?

If a customer misses a premium payment for a policy with First Insurance Company of Hawaii, LTD, there are typically several potential consequences. The first aspect to consider is the grace period. Most insurance policies include a grace period, which is a specified time frame during which the customer can make the missed payment without facing immediate penalties. The duration of this grace period can vary, so it is important to check the specific details of the policy. If the premium remains unpaid after the grace period, the policy may enter a state of lapse. This means that the coverage provided by the insurance will cease, and the policyholder will no longer be protected against claims. In some cases, if a claim is made during this lapse period, it may not be honored. It is advisable for customers to communicate with their insurance representative if they foresee difficulty in making payments. Although it is always best to refer to the specific policy details for the exact terms and conditions, the First Insurance Company of Hawaii, LTD website may provide useful insights into their policies regarding missed premium payments.