August 26th, 2008

Can I get Life insurance WITHOUT automatic bank draft? I want paper bills?




I want to get a big term policy, and that shuts me out of a lot of insurance carriers. I want 2M on a 20 year term. But I REFUSE to have that bank draft payment. I want a company that will send me a normal paper bill every month like the other companies that take my money will.

I pay my car note by check each month.
I pay my water and electircal bill by check each month.

Why cant I have a large life insurance policy the same way???

Does anyone know of any life insurance companies that will bill me with a monthly paper bill?

Thanks a bunch.

Tanya

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This entry was posted on Tuesday, August 26th, 2008 at 11:10 AM and is filed under Term Life Insurance Policy. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

4 Responses to “Can I get Life insurance WITHOUT automatic bank draft? I want paper bills?”

  1. Tom Z Says:
    August 27th, 2008 at 5:17 PM

    Shirley

    There are a “kazillion” life insurance companies out there I find it hard to believe that you insurance agent can’t find a company that will bill you monthly.

    That being said, it is not wise to choose a monthly payment option because it is absolutely the most expensive way to pay for your insurance. Quarterly or semi annual billing would be a better choice (if not annual).

  2. mbrcatz17 Says:
    August 29th, 2008 at 11:11 PM

    Tom

    Yes, you can. I get paper bills. I pay once a year, though. I’m not sure they want the paper hassle of billing you every month, but if you’re willing to pay once a year, not only is it cheaper, but just about ANYONE will send you a paper bill.

  3. Joey M Says:
    September 2nd, 2008 at 6:06 AM

    Luis

    You can get a paper bill if you don’t pay monthly. Its not that it is a big deal to send out a paper bill every month, but it is a big deal to reinstate a life insurance policy. Insurance companies deal with so many cancellations and reinstatements on the P&C side of the business from people who pay monthly. It would be cost-prohibitive to do the same on the life insurance side.

  4. Joedurt Says:
    September 3rd, 2008 at 12:47 PM

    Tony

    Yes you can pay monthly by check. Most insurance companies want you to pay by bankdraft due to the fact that it will be paid each month and the insured forgets about it. On average the client will stay with the company 8 years on bankdraft vs. 2 years by monthly pay.
    When you pay by paper though, you will pay about $4-$10 more a month.

    I can quote you 2 mill right now if you live in Texas. Visit my site

    good luck

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