TermLifeInsurance.com

Can I Sign Up for Automatic Payments with my Life Insurance Provider?

Your life insurance policy is so important, like making insurance policy changes with newborns that you cannot afford to miss a payment and risk having your coverage cancel as a result. This is one reason you may opt for setting up automatic payments with your insurance company. Automatic payments usually are withdrawn from a checking account. Although, some providers may allow you the convenience of being billed automatically on a major credit card.

Deciding to Pay Automatically

While most life insurance providers allow you set up pre-authorized automatic payments, you will need to verify with your insurer whether or not this is possible. If this is not an option, you may simply have to resort to paying the premium on your own. If your policy does not need to be paid each month as is the case for so many other bills it can be easy to forget to make your premium payment if you do not set yourself a reminder, however.

This can be one very important reason behind wanting to be able to have automatic payments set up for your life insurance policy. It is not just having the convenience of not writing another check and not having to make sure to mail the bill out in time, it can be very helpful to have the premium paid automatically so as to avoid any lapses in coverage caused by a delayed or forgotten payment. While it may not be the most convenient thing to choose a policy based upon the availability of automatic payments, you might want to investigate this during the time you purchase your coverage.

It can make a big difference to some people. However, even if the insurer does offer automatic payments, there may be some reasons you cannot set them up on the policy concerned. This payment method may not be available to you if you are not a named insured on the policy.

In fact, you may not be able to access online information pertaining to the policy if this is the case.

Before going through the process of signing up with your provider to have the convenience of automatic billing, make sure you are able to access all information utilizing online methods. It may be necessary to have your spouse, partner or other named insured on the policy proceed with registering for automatic payments. The decision to pay automatically when your provider does offer this service should also be carefully considered.

If you are setting up an automatic payment plan and the payments will be deducted from your checking account on a pre-determined date, it may not mean you should forget to mark the date the bill is due on your calendar. This is because if, for some reason, you forgot to account for that payment and the funds for your premium were spent on something else, it could cause you to incur significant additional bank fees for a returned payment. The policy may not necessarily cancel in this instance.

But, it could cost you an additional fee to the insurer for the returned payment, too. Also, they may demand that you begin making future payments using a different payment method. This can create more of a hassle for you, so be sure if you do opt for automatic payments that you are fully prepared to keep careful track of when each payment is to be withdrawn. All in all, automatic payments on a life insurance policy can be a good way to ensure you maintain timely payments for this important coverage.

YOUR OFFICIAL SOURCE FOR TERM LIFE INSURANCE

Benefits of Term Life Insurance

• Long-term financial safety
• Coverage for any final expenses
• Significant death benefit

Our Commitment

We are committed to helping you make term life insurance shopping simple, fast, and convenient. We will empower you with decision making tools so that you can decide which product is best for you.

Customized Quotes

Fast, Free & Easy

We respect your privacy