You can choose to pay on a monthly, quarterly, semi-annual or annual basis to suit your needs. Depending on your premium amount, you also have the option to pay your initial premium by credit card if is $2,000 or less, or via Automated Clearing House (ACH), a network that transfers money between banks. (ACH payments typically come from checking accounts. If you want yours to come from a savings account, we recommend asking your bank first, as not all banks accommodate this request.) Recurring premiums are automatically drafted via ACH at the frequency that was selected during the application process: annually (one yearly payment), semi-annually (two payments—every 6 months), quarterly (four payments—every 3 months), or monthly (twelve payments—1 per month).
You can increase or decrease your premium payments at any time to better fit your current financial needs. As long as you make sufficient premium payments to cover the Lapse Protection Benefit requirements, your insurance coverage will remain in effect. Contact your insurance professional to discuss the implications of changes in premium payments.
No. The bank draft date is locked once the policy is active. The policy effective date is your draft date.
Log in to our portal and go to the Payments and Billing tab to change your bank or credit card information.
It means you have missed or skipped a premium payment. In most states, we allow a 31-day grace period for payment of premiums. During this time, you will still be covered by the policy. If your premium isn’t paid before the end of the grace period, your coverage will cease as of the premium due date.