We have a variety of payment schedules to suit your needs. You can choose to pay on a monthly, quarterly, semi-annual or annual basis. Depending on your coverage amount, you also have the option to pay by credit card or via Automated Clearing House (ACH), a network that transfers money between banks. (ACH payments typically come from checking accounts; if you want yours to come from a savings account, we recommend asking your bank first as not all banks accommodate this request.) Paying on a monthly, quarterly or semi-annual schedule may cost a little more than if you pay annually because of the increased collection costs associated with more frequent payments.
If your payment schedule is other than annual, your total premiums will be more than if you made a single, annual payment. Below are some examples of how that may break out using today's calculations. For policies already purchased, please refer to your policy.
Comparison of premium payment schedules and their additional yearly costs based on a hypothetical annual premium of $1,200
Annual premium payment schedule
1 premium payment per year
$1,200 premium payment
$1,200 total premium payment each year
$0 additional payment charges each year
Semi-annual premium payment schedule
2 premium payments per year
$612 each premium payment (including additional payment charges)
$1,224 total of premium payments each year (including additional payment charges)
$24 total additional payment charges each year
Quarterly premium payment schedule
4 premium payments per year
$306 each premium payment (including additional payment charges)
$1,224 total of premium payments each year (including additional payment charges)
$24 total additional payment charges each year
Monthly premium payment schedule
12 premium payments per year
$102 each premium payment (including additional payment charges)
$1,224 total of premium payments each year (including additional payment charges)
$24 total additional payment charges each year
No. The bank draft date is locked once the policy is active. The policy effective date is your draft date.
Log in to our portal and go to the Payments and Billing tab to change your bank or credit card information.
When determining your premium payment, we look at a number of factors, including your health and finances. This process is referred to as underwriting and puts you in a particular rate class. The quote your insurance professional provided was developed by anticipating which class you might be in. But, based on the actual information you provided during the underwriting process, your premiums may end up higher or lower. Ask your insurance professional to review the difference with you.
It means you have missed or skipped a premium payment. In most states, we allow a 31-day grace period for payment of premiums. During this time, you will still be covered by the policy. If your premium isn’t paid before the end of the grace period, your coverage will cease as of the premium due date.