You have the following options:

 

1. Use cash to pay the premiums;
2. Convert your Part V insurance policies to a paid-up mode¹; or
3. Activate the Automatic Premium Loan (APL)² or Extended Term Insurance (ETI)³ feature(s) of your Part V insurance policies, if they have such features and if your insurance company allows you to do so.

¹ Converting a policy to paid-up mode means that the policyholder will not need to pay premiums anymore. The sum assured of a paid-up policy is usually lower than that of the original policy. All supplementary riders attached will be terminated.

 

² APL means that once the policy has accumulated sufficient cash value, if the policyholder is unable to pay the premium, he can borrow from the cash value. However, he is required to pay back the loan and compound interest. Once the loan plus compound interest exceeds the cash value of the policy, the policy will lapse.

 

³ ETI means that if the policyholder still wants the insurance protection but doesn't want to pay any more premiums, the existing cash value of his policy is treated as a single premium which is used to buy protection for future years. The number of years of protection he will get varies directly with the quantum of the cash value.