Should I pay for my insurance annually or monthly?

Should I pay for my insurance annually or monthly?

Save premiums on your term life, disability and critical illness insurance by paying annually instead of monthly. The insurance companies charge almost a full 13th month for the privilege of paying on monthly through pre-authorized chequing (PAC).  If you can afford it from a cash flow perspective, you can make the change anytime throughout the  year, and pay less for the same coverage.

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