New Payment Option for MutualCare® Solutions

Beginning April 1, 2016 the MutualCare® Solutions electronic and paper application will be updated to include the new enhancement of the Automatic Bank Account Withdrawal option. This option will automatically draft the initial premium from your client’s bank account within three days of receipt of their application. The new option, along with the current processes, will be in section K of the updated application:

How it works

  • Process WITHOUT shortage at issue
  • Process WITH shortage at issue

For Premium Shortage Only

  • If there is a premium shortage due at issue, a notification letter will be sent to the policyholder
  • If the time between the day of the month and the Automated Bank Withdrawal draft date and the date the policy is issued is 20 days or less, the shortage amount will be withdrawn the following month. Otherwise the draft will occur within the same month
  • If Direct Bill is selected for recurring premium payment method, the shortage balance will be billed with policy issue

What You Need To Know

  • New and pending business issued on or after April 1, 2016 will follow this new process
  • Electronic and paper applications will be updated to include the new premium option and paper applications will be available in Forms and Materials on Sales Professional Access

If you need additional information, the MutualCare® Solutions Product and Underwriting guide is updated to include this information and is available to order. For additional questions please contact or 1-800-693-6083.

New Payment Option for MutualCare® Solutions