Paying for your life insurance policy usually takes two basic forms:
Single Premium - a lump sum is paid at the beginning of the policy. No other payments are made for the whole duration of the policy. Some policies may allow you to “top-up” the amount at particular intervals during the life cover.
Regular Premium - this can be annual or monthly. A monthly payment would normally incur added charges to the policyholder as a result of added administrative procedures for the insurance company.
Remember that if you decide to change any aspect of your policy at any time during the duration of the life cover, the insurance company may reserve the right to charge you a small fee to cover administrative expenses.