Payment by Installments
When you pay by installment, you have three options:
- Pay your premium in full by the Effective Date - (Full Pay Plan)
- Pay your premium in two installments (50% by Effective Date and 50% in 90 days) - (Two Pay Plan*)
- Pay your premium in three installments (40% by Effective Date, 30% in 90 days, 30% in 180 days) ? (Three Pay Plan*)
* Applicable to 12 month policies only.
When you pay by installments, your insurance documents and your account statement are sent directly to you prior to the due date.
|Due Dates||Effective date of policy||90 days from effective date||180 days from effective date||$ Total Amount|
|Full Pay Plan||$ 1,000||$ 1,000|
|Two Pay Plan||$ 500||$ 500 plus s/c||$ 1,000 plus s/c|
|Three Pay Plan||$ 400||$ 300 plus s/c||$ 300 plus s/c||$ 1,000 plus s/c|
A $5.00 service charge (s/c) is applied to each installment.
The MAC Plan (Monthly Automatic Chequing)
- The MAC plan is our pre-authorized monthly automatic withdrawal plan which is available for 12 month policies only.
- The initial down payment in the first year is equal to 2/12 of the annual premium plus a 3% service charge.
- All subsequent monthly withdrawals are equal to 1/12 of the annual premium plus a 3% service charge.
- You can authorize Wawanesa to withdraw your monthly premium from your chequing or savings account.
- For information on enrolling in the MAC plan upon renewal, please contact your Insurance Broker.
- If your chequing or savings account information changes, please advise your Insurance Broker as soon as possible. Wawanesa requires this information two weeks prior to the due date of your next scheduled withdrawal.
NSF fees will be charged for insufficient funds.