Have your customers asked for flexible payment options?
As of March 31, 2017 your customers with in force life insurance policies have the option to choose flexible days for their automatic deductions each month. The 1-28 of each month will continue to be available, but flexible options such as “the last day of the month” or week/day combinations will also be available to help customers better align payment deductions with their income.
Payment options available for your customers:
- Static dates: 1-28 of each month
- Flexible day: Last day of the month
- Week/day combination (your customer can select a combination of the options below):
– Either the first, second, third, fourth or last week of the month AND
– Either Monday, Tuesday, Wednesday, Thursday or Friday
Examples of the week/day combinations:
– Your customer chooses to have their payment on the third Wednesday every month
– Your customer chooses to have their payment on the first Monday of every month
– Your customer chooses to have their payment on the last Friday or every month
Please note, if your customer’s selected date falls on a weekend/holiday it will be deducted on the next business day.
How can my customer change their payment date?
Your customer will need to complete the Automatic Deduction Form for United or Companion (previously the Bank Service Plan Mode Change form). The forms can also be found on mutualofomaha.com under forms in the services section as well as on SPA.
What if I have a new customer who would like the flexible payment option?
The flexible payment options are coming soon for new business. In the meantime, this feature is available for in force policies. Policyowner Services is available and trained to help customers change their automatic deduction dates for ongoing renewal premiums, once the policy is in force. Policyowner Services can be contacted at 1-800-775-6000.
if you have questions, please contact your Mutual of Omaha Sales Director.
Flexible Payment Options Are Now Available for In Force Policies