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Life insurance bills wanting whole year up front #5435518 05/21/20 10:58 PM
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wog Offline OP
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Wife and i got life insurance bills from seperate copanies billing for full year up front. We have been paying quarterly for over 15 years,what is this a new covid related thing? Anyone else getting these type of insurance bills. My calls were not answered,got a recording saying leave contact info ,will call back,no call ,not what i planned to use it for. Car repairs,food, and mortgage were already taking alot of it unfortunately.

Re: Life insurance bills wanting whole year up front [Re: wog] #5435522 05/21/20 11:14 PM
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JohnnyJohnson Offline
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Depends how much do you need this insurance. Is it term or whole life? Might want to think more about your retirement if your family is raised. May be time to get into a ROTH IRA.

Last edited by JohnnyJohnson; 05/21/20 11:15 PM.

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Re: Life insurance bills wanting whole year up front [Re: wog] #5435541 05/22/20 12:14 AM
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This is something we will see for pretty much all insurance related stuff. My neighbors auto insurance also needed to be paid all up front, no excuses.

I have not seen it with mine yet, but I get the feeling it is coming....


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Re: Life insurance bills wanting whole year up front [Re: wog] #5435620 05/22/20 06:53 AM
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Sierra048 Offline
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I just can't see this going well for any companies considering this method. Unless their goal is to lose customers.


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Re: Life insurance bills wanting whole year up front [Re: wog] #5435624 05/22/20 06:59 AM
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MasterSolenoid Online Content
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I think the Policy Period & Billing for Life Insurance would be different than Auto Ins.

OP has a 12 Month Policy (Life) that he pays every 3 Months.
May be alittle cheaper paying for ALL 12 Months at one time.
But still sneaky for Ins Co.

My Auto Policy has always been for six Month periods.

Last edited by MasterSolenoid; 05/22/20 07:01 AM.

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Re: Life insurance bills wanting whole year up front [Re: wog] #5435667 05/22/20 08:13 AM
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NO2 Offline
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Term life isn't that expensive for most people. And processing lots of small checks is an expense to the insurer, which raises your rates. If your kids are grown and debts are low/minimal and our don't have asset valued at > $10 million you don't need life insurance. Disability insurance is a lot more important.

I prefer to pay auto insurance annually, but my current insurer only bills every 6 mo. It just gives them a chance to raise their rates more often. Not great when you live in the most expensive market in the nation.

Re: Life insurance bills wanting whole year up front [Re: NO2] #5435677 05/22/20 08:27 AM
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MoneyJohn Offline
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Originally Posted by NO2
Term life isn't that expensive for most people. And processing lots of small checks is an expense to the insurer, which raises your rates..

I don't know which insurance company still accepts checks but all insurance companies (4 at the moment) I am dealing with directly take out from the account. Any other option and extra fees, any other schedule than annual, extra fees. So TBH, it costs them extra to process this and that argument doesn't really fit here. They make sure to cover all their bases when it comes to money.

Re: Life insurance bills wanting whole year up front [Re: Sierra048] #5435680 05/22/20 08:28 AM
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Originally Posted by Sierra048
I just can't see this going well for any companies considering this method. Unless their goal is to lose customers.



+1

Especially in a time like this.


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Re: Life insurance bills wanting whole year up front [Re: wog] #5435701 05/22/20 09:14 AM
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bullwinkle Offline
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My Jackson National whole life policy payment has been a monthly ACH withdrawal for almost as long as I’ve had it, comes out of checking on the same date every month, just need to make sure the $ is there. Maybe the OP’s company thinks he might not last the whole year? Seems a little shady...


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Re: Life insurance bills wanting whole year up front [Re: wog] #5435721 05/22/20 09:36 AM
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pandus13 Offline
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Personally, my insurers(both life or house/auto) in the past 5 years have been paid monthly (no extra charge against /6 months or /1 year), /6 months or yearly.
I used them in IL and GA. But usually they have been US-wide based/available companies.

Usually the monthly payments are figured out in the business plan and cost more than one lump sum over 6 months/1 year/2 years.

I would call again and google all possible phone numbers: some insurers outsourced IT department did not really worked out the right phone tree with most of personnel working from home.
OP, please don't despair and call and insist. It is your money. Unfortunately you can expect waits of at least 90 minutes with current ________ situation.
It could also be a mess from new people in the payment department.

Last edited by pandus13; 05/22/20 09:37 AM. Reason: payment department

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Re: Life insurance bills wanting whole year up front [Re: JohnnyJohnson] #5435746 05/22/20 10:10 AM
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Originally Posted by JohnnyJohnson
Depends how much do you need this insurance. Is it term or whole life? Might want to think more about your retirement if your family is raised. May be time to get into a ROTH IRA.

Exactly. Never saw any use in using life insurance as an investment. Probably carried $750,000 or so of term when kids were young, but I have none now. Always bristled at the quote from whole life salesmen that 90% of term insurance isn't in force when you die. That's like saying 90% of the cars you've owned or homes snd apartments you've owned or rented aren't in force when you die.

If the insurance is term, use this as an excuse to price the market. Usually they give you a discount for paying a year at a time, that's the same as charging you extra if you pay quarterly. Sounds like a sneaky way to raise the rates on you without disclosing.

Last edited by csandste; 05/22/20 10:15 AM.

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Re: Life insurance bills wanting whole year up front [Re: wog] #5435760 05/22/20 10:28 AM
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We have always been billed for the whole year.

Re: Life insurance bills wanting whole year up front [Re: csandste] #5435775 05/22/20 10:53 AM
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Originally Posted by csandste
Originally Posted by JohnnyJohnson
Depends how much do you need this insurance. Is it term or whole life? Might want to think more about your retirement if your family is raised. May be time to get into a ROTH IRA.

Exactly. Never saw any use in using life insurance as an investment. Probably carried $750,000 or so of term when kids were young, but I have none now. Always bristled at the quote from whole life salesmen that 90% of term insurance isn't in force when you die. That's like saying 90% of the cars you've owned or homes snd apartments you've owned or rented aren't in force when you die.

If the insurance is term, use this as an excuse to price the market. Usually they give you a discount for paying a year at a time, that's the same as charging you extra if you pay quarterly. Sounds like a sneaky way to raise the rates on you without disclosing.


I like the casinos and go quite often. With life insurance it's a gamble just like the casino. You're betting you're going to die and the insurance company is betting you're going to live. My terms expire when I hit 70. My wife won't need the money by then and I hope the insurance company wins the bets.


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Re: Life insurance bills wanting whole year up front [Re: wog] #5435881 05/22/20 01:05 PM
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NormanBuntz Offline
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OP, tell us the company names so members can avoid them. Insurance companies suk.


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Re: Life insurance bills wanting whole year up front [Re: NormanBuntz] #5436142 05/22/20 07:10 PM
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wog Offline OP
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Here they are genworth life and annuity,lynchburg va.for me and new england life insurance johnstown pa, this is not yearly. My misstake ,this is the quarterly, from $149 to 600. Wifes from $134 to $581. Guess they are getting there covid rates . Time to check around,for new term insurance.

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