Which Life Insurance Carrier Allows Premiums to Be Submitted Monthly?

[jward01]

Hello all!

I recently ran into a situation while at one of my Final Expense appointments. The couple (mainly the wife, and its the wife's way or high way) was VERY against EFT and automatic withdrawals from their own bank account.

They did HAVE a bank account, they just were suspicious of giving it to anyone at all. Apparently they pay all of there bills via check each month to prevent automatic withdrawals.

The Proposed Insured: (the Couples son)
Male
Age 30
Non-smoker
seeking approx 30k in coverage

My Question:
Are there any life insurance carriers out there that will approve applications and allow the premium to be submitted to them via check each month?

Basically, are there any Carriers with options that allow a client to withhold their personal banking information and still make monthly premium payments?

------------
I am contracted with:
NGL
Gerber
Foresters
Mutual of Omaha
Oxford Life
Americo
Transamerica
Phoenix Life

I can get contracted with any new ones that get suggested



Thank you for your help!

 

[WinoBlues]

Cincinnati Life.

Direct bill and he will be non med up to $100,000.00

 

[Newby]

Hello all! I recently ran into a situation while at one of my Final Expense appointments. The couple (mainly the wife, and its the wife's way or high way) was VERY against EFT and automatic withdrawals from their own bank account. They did HAVE a bank account, they just were suspicious of giving it to anyone at all. Apparently they pay all of there bills via check each month to prevent automatic withdrawals. The Proposed Insured: (the Couples son) Male Age 30 Non-smoker seeking approx 30k in coverage My Question: Are there any life insurance carriers out there that will approve applications and allow the premium to be submitted to them via check each month? Basically, are there any Carriers with options that allow a client to withhold their personal banking information and still make monthly premium payments? ------------ I am contracted with: NGL Gerber Foresters Mutual of Omaha Oxford Life Americo Transamerica Phoenix Life I can get contracted with any new ones that get suggested Thank you for your help!

Settlers Life will do monthly bill for ages 0-85.

5-Star would do ages 50-85.

 

[AlTheGud1sRtakn]

In my experience most will allow quarterly and annually to be paid by check, and some allow paying by check every 6 months. Because persistancy on policies really sucks when people are paying by check I generally try to "assume the sale" as an annual payment when someone objects to an auto draft setup. It's usually a bit cheaper that way too which helps.

Did you already try to get them to pay more than just one month at a time?

 

[mfgs]

I have only run into this situation a few times but what I have done in the past is to get them to set it up initially on a bank draft (ETF) and see how it works. It if does not work for them have them send in a check early and as long as the money is in house to cover current month's premium they will not draft. Everyone I have done this with once set up they continue when they understand that the same banking info is on their check, Either way they will provide the info.

 

[VolAgent]

Just a random thought.

If you don't trust the insurance company to bill you properly, why do you trust them to cut a check to your beneficiary when you die?

 

[mfgs]

Very good point! Trust is very important when dealing with insurance.

 

[maxherr]

Just a random thought.

If you don't trust the insurance company to bill you properly, why do you trust them to cut a check to your beneficiary when you die?

It's not a matter of trusting the insurance company at all, it's a matter of trusting the agent who obtains the information. No trust = no information.

 

[VolAgent]

It's not a matter of trusting the insurance company at all, it's a matter of trusting the agent who obtains the information. No trust = no information.

Then they wouldn't give the agent a live check and completed app, and there are plenty of people who will do that, but won't set up an EFT.

 

[maxherr]

More evidence of a lack of trust developed between prospect and agent. I have never had that problem, and I was first licensed in 1980.