Life Companies that do "bill direct"

GP32765 · 04-25-2007, 12:29 PM

Do you guys know of any companies that allow the client to send in the payments for life insurance not automatic draft?
I have had some clients that just want this.

somarco · 04-25-2007, 12:36 PM

Most will do a quarterly, semi-annual or annual bill.

All my life clients are on annual payments. Can't think of a one that will bill monthly any more.

***Melmunch3*** · 04-25-2007, 12:45 PM

Monthly bill is a recipe for lapsed policies.

WBunch · 05-24-2007, 09:24 PM

The only company I have in the stable is United American, Brokerage Unit. Premiums are higher but hey some people don't have bank accounts...I might add, that i have written 3 policies in the 3yrs i'm appointed with them.

Dave020 · 05-24-2007, 10:42 PM

Originally Posted by Melmunch3

Monthly bill is a recipe for lapsed policies.

I seem to remember a LIMRA study that showed that quarterly premium had the most lapses - this was probably 10 years ago.Annual is the way to go, costs less than the other options.