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

Question

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.

Answer 1

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.

Answer 2

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 www.sensinsurance.com

good luck

Answer 3

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.

Answer 4

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).