Automatic credit card deductions

Most insurance companies are seeking to cut their administrative costs. One way they do that is by encouraging automatic credit card deductions for your premium payments. Very few international companies will bill a client on a monthly basis or permit a monthly payment to be sent in. And if they do, the insurance is generally more expensive.

One of the major benefits of the credit card deduction is it insures that your policy will not lapse. As an insurance broker, I have seen this happen several times where a good client, because of a busy schedule or forgetfulness, failed to mail in the monthly premium. In one case, my client had to wait almost two years to find someone to insure her.

So the automatic credit card deduction is your “insurance” against losing your insurance. When applying for long-term (career) health insurance, ask about this option.

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