What happens if my cheque is not honoured by my Financial Institution (NSF)?
A. A payment default will result in the cancellation of your policy for non-payment and an administration fee will be applied. If your policy qualifies for and is on a Monthly Payment Plan, our Financial Institution will make a second attempt to process the payment. If the second attempt is also returned as an NSF, the policy will be cancelled for non-payment and an administration fee will be applied; subject to regulations. Q. When will the policy be reinstated if cancelled due to non-payment? A. If the client agrees to pay the outstanding premium plus any NSF fees in guaranteed funds, prior to the cancellation date, the policy may be reinstated. Contact your agent or broker for details.
