Digital Payment Options for Your Client’s First and Subsequent Annual Payments for Individual Life and Critical Illness Insurance BusinessThis article has been updated to reflect changes to the Pre-Authorized Debit (PAD) for new business annual premiums – see below #2.
To enhance the ease of doing business with Equitable Life, we have added some additional payment methods to help your clients make their first and subsequent annual premium payments easily.
Three digital payment options for annual premium payments:
1. Online bill payment - Your client can pay their annual premium easily and quickly by using the online bill payment option through their financial institution. On your client’s banking website, they must set up “EQUITABLE LIFE-INDIVIDUAL LIFE & CI” as a “PAYEE”. Use the 9 (or 7) digit policy number as the “account number” then pay this new “bill”. This is the preferred option for annual payments.
2. Pre-Authorized Debit (PAD) - For policies where annual premiums are $5,000 or greater for new business OR $20,000 or greater for inforce business, your client now has the additional option of an annual PAD payment. Your client needs to provide a signed PAD authorization form, or a signed letter of direction that indicates they have read and agree to the terms of the PAD. This is a one-time authorization and needs to be repeated for subsequent annual payments.
3. Electronic Funds Transfer (EFT) or Wire Transfer - If online bill payment or a one-time PAD will not meet your client’s needs, such as when transferring funds from another financial institution or business to Equitable Life, and the annual premiums are $20,000 or greater, then an EFT is now an option that is available. A wire transfer is available on an exception basis only and is subject to approval.
Please contact your Regional Sales Team or customer service team for further questions.