Monthly Service Fee
Most travel insurance companies allow their clients the ability to pay a down payment and monthly payments, if they cannot pay for the total premium at one time.

Clients will find that many travel insurance companies allow them to make a down payment and then make additional payments every month if the whole premium cannot be paid by them at one time.

Inclusive in these monthly payments are finance charges. If a client has made only a partial payment on his policy then a fee will be charged of the client for each monthly payment he makes

The cost of processing the payment made by the client every month is covered by the fee. If a client wants to keep from paying the monthly service fee then he can pay the whole amount of the premium at the time of buying the travel insurance policy

You can avail of a monthly installment plan that suits your convenience from most of the travel insurance companies. If you are late in making your payments you may be charged a fee. Late fee and this service fee are not identical.

Different insurance companies offer different comprehensive plans as well as different options for remitting the fee. The pros and cons of every plan should be weighed carefully and the most suitable plan should then be selected by the client

More Glossary Terms Explained here