When you purchase an individual disability insurance policy, you may choose to pay your premium monthly, quarterly, semi annually or annually.
If you choose one mode, you may change it in the future. Most companies offer discounts if you pay annually. If you pay monthly, most companies require that you set up a monthly bank draft. Some companies will allow you to draft for quarterly, semi-annual or annual modes.
Typically, quarterly and semi-annual payment modes are the most expensive. Therefore, it may make the most financial sense to pay monthly or annually to save.
