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Paying Your Premium
What types of payment methods does Bankers offer?
When do I need to pay my premium?
How do I change the frequency of my premium payments?
Why did I receive a lapse notice for my last payment?
How may I reinstate a lapsed policy?
What is a grace period?
Premium Payment Service Plan
(Automatic Bank Account Withdrawal)
Can I have my premium automatically withdrawn from my bank account?
Why choose the Premium Payment Service Plan?
How does my bank account stay protected?
Can I pay for more than one policy on the Premium Payment Service Plan?
Can I change the date my charges are withdrawn if I find the current date inconvenient?
When will my first charge be made?
What happens if I change banks?
When can I cancel the Premium Payment Service Plan?
Click Here for the Authorization Form*
Q. What types of payment methods does Bankers offer?
A. We offer:
Direct Billing - We send premium notices to you at the
address you specify.
The Premium Payment Service Plan - We make monthly
charges to your bank account. For more information and an authorization form,
click here.
Government Allotment - This method is available to
those serving or who have served in the military and are receiving pay from the
government. If you are eligible for this type of payment, you must first
contact your allotment officer.
Payroll Deduction - This method is available when your
policy is issued under your employer's sponsorship and the employer deducts the
premiums from your pay and sends them to us.
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Q. When do I need to pay my premium?
A. Before the end of the grace period. Different policies have different grace
periods. Your grace period is shown in your policy. When we don't receive a
payment by the end of the grace period, the policy lapses. If you are unsure as
to the date your policy is paid to, and you have a Life Insurance policy, you
can call the
toll-free number
to find out the due date. For all other plans, you can call your local office.
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Q. How do I change the frequency of my premium payments?
A. Some policies must be paid at a specified frequency. If your premium notice
shows just one rate, you must
contact us
in order to find out if the frequency can be changed. If your premium notice
shows multiple rates, just pay at the frequency that is preferable to you.
Circle it on your premium notice and return it with your payment. Be sure to
show your policy number(s) on your check or money order.
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Q. Why did I receive a lapse notice for my last payment?
A. We hadn't credited your payment when the notice was sent or the payment you
sent was not sufficient to pay your policy current.
If you sent a payment on your Life Insurance policy, call our
toll-free number. It will provide you with the policy's
current due date. It is possible that the lapse notice was sent before we had
time to credit your last payment. If your policy's due date is current,
disregard the notice.
If your policy is not a Life Insurance Plan or you have Life and other
coverages and you believe you sent a payment, call your local office.
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Q. How may I reinstate a lapsed policy?
A. Reinstatement provisions vary by type of policy. If you received a
reinstatement offer, follow the directions in that letter. If you haven't
received a reinstatement letter or more than a month has passed since you
received the offer, call your local office
or
write us
for the current reinstatement requirements.
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Q. What is a grace period?
A. A grace period is the number of days stated in the policy after the premium
due date during which we will accept a premium payment from you without
considering your policy lapsed. Most policies have a 31 day grace period.
Others, specifically Universal Life Plans, have a 61 day grace period.
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Q. Can I have my premium automatically withdrawn from my bank
account?
A. Yes, this method of payment is called the Premium Payment Service Plan, and
you can use either a checking or savings account. You need to fill in a form
and return it with a payment great enough to cover your premiums up to and
including the current month. This will give us time to set up arrangements with
your bank and allow us to make a charge starting in the following month on the
day you specify. You'll also need your bank's transit/routing number, which is
located on a check or encoded deposit ticket. If you're not sure how to find
this number please check with your bank. You may obtain the form by
clicking here*.
*(Requires Adobe Acrobat Reader from
www.adobe.com)
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Q. Why choose the Premium Payment Service Plan?
A. Convenience, security and speed of processing. You choose the day of the
month you want the premium withdrawn. There is no cost for postage to you. The
payment will always be on time.
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Q. How does my bank account stay protected?
A. Bankers will withdraw premium payments only as authorized by you. If we make
an error, we will correct it when notified. We also protect your bank from loss
due to our actions.
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Q. Can I pay for more than one policy on the Premium Payment
Service Plan?
A. Yes, you can pay any or all of your policies or certificates through the
Premium Payment Service Plan with one monthly charge being made on your bank
account.
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Q. Can I change the date my charges are withdrawn if I find the
current date inconvenient?
A. Yes, just let us know which day you'd prefer.
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Q. When will my first charge be made?
A. The day the charge is sent depends on the month your policy comes due and the
day you have chosen to have the charge made. For instance, if your policy is
due on December 31st and you have chosen a charge date of the 1st,
the first charge will be made on December 1st. It will pay from
December 31st to January 31st.
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Q. What happens if I change banks?
A. If you change banks and still want the plan, you must
let usor
your local office
know and fill in a new form (click here
)*. When you call or write, tell us which day of the month your
payment is withdrawn and let us know when you want the last charge sent to your
old account and when you want the first charge sent to your new account. You
must allow time for us to stop the charges to your old account. We suggest 10
working days. You may have to send a payment with your new authorization form
if one is due and you don't want it automatically withdrawn. If you call, we
will give you that information.
*(Requires Adobe Acrobat Reader from
www.adobe.com)
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Q. When can I cancel the Premium Payment Service Plan?
A. Anytime you wish. However, you should keep in mind that the monthly charge is
prepared a few days before the due date so it will arrive at your bank on the
day you designate.
You must be sure we will have your request to stop the charge at least 10
working days before the next charge is due. You can
write usor
call your local office
with your request. If you choose to write, please be sure you give us ample
time to receive and process your request.
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