We have streamlined and simplified our New Business payment authorization process and form:
- New Form — Electronic Funds Transfer (EFT) Payment Authorization (Form #197001 08/28/17)
- Removal of credit card as a payment option
- Paper check required for Conditional Insurance Agreement
Effective with applications received or policies issued after November 19, 2017, premium payments must be made using our simplified EFT Payment Authorization or a paper check.
When using the new EFT Payment Authorization, we will withdraw funds to pay:
- the intial premium once a policy is issued and all delivery requirements are received in good order and
- recurring insurance premiums when due based on premium payment mode selection (monthly, quarterly, semi-annual, or annual)
We will no longer accept the EFT Payment Authorization as payment for Conditional Insurance Agreement effective after November 19, 2017. When an applicant wants to purchase conditional insurance, a paper check must be submitted with the application or within 5 days after an electronic application is received.
Transition Rules
Please carefully review the transition dates and rules below. No exceptions will be available.
For applications received before November 20, 2017:
- If the Payment Authorization Form (108926 07/14/16) is not received by November 19, 2017, we will send the new EFT Payment Authorization with the policy (if approved) to be completed and signed when the policy is delivered.
For policies issued or reissued before November 20, 2017:
- We will continue processing the Payment Authorization Form (108926 07/14/16) received and marked for “premiums at policy delivery” or “renewal” premiums
- Credit Card payments will continue to be processed on these cases through February 20, 2018
For applications received November 20, 2017 and later:
- The new EFT Payment Authorization (Form #197001 08/28/17) is required
- Conditional Insurance Agreement is only available if a paper check is submitted
- Credit Card payments will not be available
For policies issued or reissued November 20, 2017 and later:
- If premium is due, or a Payment Authorization form is required and has not been received, we will send the new Electronic Funds Transfer (EFT) Payment Authorization with the policy to be completed and signed when the policy is delivered
- Credit Card payments will not be available
REMINDER: Simplified New Business Premium Payment Process
#goldencareagent
#genworth
