Bank drafts, ACH, and EFTs: What should happen if you miss an insurance payment

Sometimes, you miss a payment.

• Lose your Credit Card/Debit Card
• You change banks
• You open a new account
• You don't have the money right now

Most insurance companies have either a 10 day, or a 30 day "Grace" period, depending on the type of policy, health or commercial or personal lines. (Sometimes, the "grace" period is dictated by law.)

Now, if you miss a payment, and miss the grace period, your policy will most likely be canceled. Accept that, now.

I like Blue Shield's way of doing things, usually you can handle these challenges over the phone, or just fill out a quick pdf form.

Now, I use FreedomVoice.com for my 800#. I recently lost my Debit card. They sent a fantastic email, very polite, and simply asked that I call in to take care of my "challenge." Professional, and that's why I've been working with them for over 5 years. I made the call, boom, done.

I had a gym membership at World Gym here in SF. I went in the DAY AFTER I lost my debit card. Unfortunately, that was the day they attempted to draft. They popped me for a $15 surcharge/fee, and were, frankly, rude about it. I am no longer a member.

Stuff happens. Judge the company by how they handle stuff like this, and you'll know what they will do at the bottom of a ruck.