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Most now charge interest for instalments option, as you are not paying the full annual premium upfront. They are in effect lending you the money and you are paying them back with interest over 12 months. This is why when you pay monthly they issue a consumer credit agreement. It was very different going back before the Banking crash in 07/08, when Insurers either charged no interest or only a small amount. Now they charge interest, because they see it as being sensible with financial risk and it is not purely about profit.

 

When you get quotes for monthly payment option, you must always ask what the total amount payable is including interest.

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Hi Starance,

 

Thanks for getting in touch. When you choose to repay the cost of your premium by monthly instalments you do agree to the interest charge which is added to the total and spread among the payments. If you went to pay more or even all at anytime this will, in turn, reduce the amount of interest you will pay, too. I hope this helps clarify

 

~Joe

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