When changing the payment frequency of your policy to a shorter term than previously chosen, the change will only take effect from the next payment date onwards.
This is because the last payment made for your policy was enough to cover the previously chosen period.
To successfully change to a shorter payment term, simply wait until the next payment is due for your policy.
John bought a term life policy in June 2018. His annual premium would be $1,200 for coverage between June 2018 to June 2019.
John originally chose to pay his premiums at $600 biannually. But on September 2018, John decided to change his payment term to monthly.
He has paid $600 for coverage between June to December 2018. John's change in payment term will only start from the next date of payment in December.