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We get a good level of requests from our clients asking whether or not it’s possible to pay for their life insurance coverage on credit cards. In this specific article we are going to cover everything you need to KNOW about buying life insurance coverage on a charge card.
First of all, is it possible to buy term life on a charge card?
Currently, there is only one company that will enable you to pay monthly on a credit card. That company is Fidelity Life Insurance Coverage. They truly are a no medical exam life insurance coverage company and go up to $250,000 of coverage.Beyond Fidelity, there aren’t any other life insurance coverage companies who WILL allow you to make ongoing payments on the Visa, Mastercard, American Express or Discover card.
HOWEVER, many life insurance policies companies will enable you to pay your initial premium payment on a credit card, but future payments must be done via electronic funds transfer from your own bank account.We always encourage our clients to make use of this by making your initial premium payment annually by putting it on your credit card because life insurance coverage companies offer you a price reduction for paying annually – usually when you look at the 4%-5% range.
Here are a list of companies that accept credit cards for the initial payments and you can run the rates on the side of the page:
American General
Banner Life
Genworth
ING
North American
SBLI
Transamerica
Significantly more than 80 percent of Americans have been in debt, with all the average credit card owner claiming about $10,000 worth of unpaid charges at any time. However, if debt is done – and paid down – correctly, then it can be an asset and never a burden.
So should you employ your bank card to cover your monthly insurance costs? It’s not a straightforward decision, but there are a number of reasons why it might be a beneficial idea. For instance, if it is possible to pay back the charge card payment in full or almost in full at the conclusion of each month, then paying your insurance payment is certainly not a problem. In the event that you have a tendency to miss payments and choose to set up automatic payments using your charge card, it is an even better idea than letting your insurance lapse as you forgot to pay the balance. Also, if there is no alternative way for the to pay for insurance, then go right ahead and wear it the credit card. It is advisable to incur the finance charges than to be caught without insurance when emergency strikes.
However, it is best to sort out a monthly payment policy for other large emergency expenses like medical and dental costs, and save the charge card costs for purchases that you’ll be in a position to pay off in the foreseeable future.We only work with highly rated insurance companies – brand names you trust. You may be able to save money without sacrificing quality and strength.
Reasons to pay with CARD:
1. Earn rewards points
Will you be those types of people who pays your full bank card balance off every month, and then racks up reward points whenever we can? In that case, placing your insurance costs on credit cards might just be the way to go.
It’s a regular (often hefty) purchase that can help you arrive at those rewards faster. After all, there’s nothing beats cash-back or a free flight to help ease the pinch of insurance costs.
2. Ensure your payment is going to be on time
Failure to pay insurance costs on time may result in a coverage lapse. By registering for automatic withdrawal through a credit card, you may be sure those payments are often created by the due date.
(Just make sure to update the billing information ASAP if you close a card or change any information.)
3. Some insurers give discounts for automatic payments
The insurance coverage industry is all about risk. If they know you’ll faithfully create your payments, you’re generally considered to be a diminished risk. For that reason, some insurers will offer you a price reduction for automatic payment plans. Consult your insurer to find out if this method can be acquired for your needs.
4. One less thing to take into account
You have enough to remember without aiming to determine if your lifetime insurance is up to date. Bank card payment plans offer a “set it and forget it” option that appeals to many consumers.
Still, it is also essential to keep in mind that insurers change their minds. Keep track of your insurer’s credit card policy which means you don’t get caught by a policy or fee change.
