Wawanesa Insurance currently offers policyholders two payment plan options: Payment by Installment and The MAC Plan (Monthly Automatic Chequing). Both are only applicable to 12-month policies.
Payment by Installment
We currently offer three Payment by Installment plans. Your insurance documents and account statement are sent directly to you prior to the due dates.
Full Pay Plan
Pay your premium in full by the Effective Date
Two Pay Plan
Pay your premium in two installments (50% by Effective Date and 50% in 90 days)
Three Pay Plan
Pay your premium in three installments (40% by Effective Date, 30% in 90 days, 30% in 180 days)
Example (based on $1,000 annual premium):
|Full Pay Plan||Two Pay Plan||Three Pay Plan|
Effective date of policy
90 days from effective date
|$500 plus s/c*||$300 plus s/c*|
180 days from effective date
|$300 plus s/c*|
* $5.00 service charge (s/c) applied per installment
The MAC Plan (Monthly Automatic Chequing)
The MAC Plan is our pre-authorized monthly automatic withdrawal plan. You can authorize Wawanesa to withdraw your monthly payment from your chequing or savings account.
All monthly withdrawals are equal to 1/12 of the annual premium, plus service charge.
A NSF fee will be charged for insufficient funds.
For information on enrolling in the MAC plan upon renewal, please contact your Insurance Broker.
NOTE: 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.