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Premium Payments: Automatic Bank Draft


A convenient payment option

You have the option of having your premium payments automatically withdrawn from your bank account monthly, quarterly, semi-annually, or annually.


If you would like to have your premium payments automatically withdrawn from your bank account, call 1-800-362-0700 to request automatic bank draft authorization form. Fill out the form, sign it, and and return it to us with a blank voided check.

 

Bank account changes

To change your account information, call 1-800-362-0700 to request automatic bank draft authorization form. Fill out the form, sign it, and and return it to us with a blank voided check..

 

Stopping automatic withdrawals

To request that we stop making automatic premium payment withdrawals from your bank account, send us a written request signed by the policyholder or the owner of the account.


Modal Payments

Premiums may be paid annually, semi-annually, quarterly, monthly or through automatic bank withdrawal (monthly). The applicable premium amount for each of these modes is listed in the Policy Schedule. Paying more frequently than once a year will cost more than paying once a year. For example, you will note that paying 12 monthly payments will cost more than if you paid one annual payment. 

Modal payment factors are as follows:

Annual

    100%

Semi-Annual

      52%

Quarterly

      26.5%

Monthly

        9%

Automatic Bank Withdrawal (Monthly)

        8.5%