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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Can I have my premium automatically withdrawn from my bank account?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Can I change the date my charges are withdrawn if I find the current date inconvenient?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 the
local office or
write us.
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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 the
local office or
write us.
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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 the 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 us or our
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 us
or call the 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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