Quick Pay

Some forms of insurance including life insurance and critical illness insurance offer a “quick pay” premium option. This type of insurance and feature allows individuals to pay their premiums over a short period of time. Individuals who often find this form of insurance attractive are those with high levels of income or net worth and are comfortable with paying their insurance premiums over a shorter period of time. Individuals need to carefully consider the financial consequences of quick paying their insurance premiums. 

It is important to note the quick pay can mean premiums are paid in one lump sum, or paid over a certain number of payments or a certain period of time.

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