¿Qué ocurre si no pago el recibo del seguro de vida?

What happens if I stop paying the life insurance premium? What happens if I miss the deadline? Is it enough to stop paying the premium to cancel the life policy?

When you stop paying for life insurance, two things can happen:

  • The insurer may require payment of the premium. In fact, you have every right to do so, since it has not been legally cancelled.
  • However, the insurer can also terminate the contract and, consequently, cancel the insurance.

In either case, the insurance coverage is suspended one month after the expiration of the premium if it has not been paid. And if the insurance does not claim payment within the next six months, it is understood that the contract is extinguished.

However, when insurance is paid annually, insurance has what is known as a grace month, in which they maintain coverage. However, this is contingent on the payment of the premium. Also, do not be confused: the month of grace does not imply a free month, but you have to pay and the payment will take effect on the day that corresponded to the payment, not the day of the payment itself. What’s more, for the insurance to cover you, you have to pay the premium within 30 days of the expiration date.

Keep in mind that according to article 15 of the Insurance Contract Law, unless otherwise agreed, if the premium has not been paid before the accident occurs, the insurer will be released from its obligation. That is, if you do not pay the premium and you have a claim covered by the policy, the insurance will not be responsible for paying the corresponding compensation. This is especially important in installment insurance, since not paying one of the partial installments is equivalent to not being up to date with the insurance payment. If you haven’t paid for the annual renewal, you can pay before 30 days have elapsed without losing entitlement to coverage.

Need help with your individual or group life insurance?

At PuntoSeguro we not only process your life policy, but we also help you in any future procedure you may need. We also advise you when hiring your policies and inform you of the best rates to renew your insurance with the necessary advance.

In addition, in our life insurance comparator you can compare the prices and conditions of the best life policies on the market, including life insurance with coverage in case of absolute permanent disability. And just by taking out a life policy at PuntoSeguro you will participate in the #RetoPuntoSeguro, an exclusive challenge that we propose to the employees of the companies so that they are rewarded when they perform physical exercise. Through the PuntoSeguro Fit App, the physical activity of each user is rewarded through challenges, both individual and collective. In addition to having your daily physical activity controlled and contributing to social causes (collaborating in overcoming the collective challenge), you can get a discount of up to € 120 on each renewal of your insurance, as you overcome the individual challenge month by month.

If you need more information to take out insurance or need any additional clarification, do not hesitate to contact us

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