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I got an insurance policy with a 3 year term, and naturally I assumed that it would be terminated automatically at the end of the 3 years (last year was the third year). Now I got billed for the premiums for this year. What am I missing here? Was I supposed to write and terminate the insurance policy?
Hi there,
Whether or not you need to give notice of termination to prevent your policy from being renewed for an additional term at the end of the initial term depends on the terms and conditions of your insurance agreement.
Typically, insurance policies are automatically extended at the end of an insurance term if the policyholder does not give notice of termination within a specific notice period.
Best regards from Moneyguru
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