Payments of life policies are typically taken monthly by Direct Debit however you may be able to arrange to pay annually should you so wish. You will need to keep up the payments on a life assurance policy to insure that you are covered.
Failure to do so will result in the loss of benefits under the plan and lead to cancellation of your policy. You will typically be allowed a period of grace (this differs from provider to provider) to catch up with any missed payments but after this period has expired the policy will be cancelled.
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