What happens if I miss a premium payment?

If an individual misses a premium payment with Physicians Mutual Insurance, it is important to be aware of the potential consequences. Generally, when a premium payment is not made on time, the policyholder may enter a grace period. This grace period typically lasts for a specific duration, which can vary depending on the type of insurance policy. During this time, the policyholder can make the missed payment without losing coverage. However, if the payment remains unpaid after the grace period expires, the policy may go into a non-forfeiture status, which means the coverage can be canceled. This could result in a loss of benefits and coverage, potentially leaving the policyholder responsible for any medical expenses incurred during the lapse. It is advisable for policyholders to review their policy documents or visit the Physicians Mutual Insurance website for specific details regarding payment schedules, grace periods, and other important terms related to missed payments. Understanding the terms of the policy can help prevent lapses in coverage and ensure that individuals remain protected.