Are you a policyholder of AARP life insurance? If yes, then you must be aware of the premiums and the modes of payment. AARP life insurance policyholders have the option to pay their premiums on a monthly, quarterly, semi-annual, or annual basis. This article will provide you with all the necessary information you need to know about AARP life insurance payment, including payment options, payment methods, payment grace period, and frequently asked questions.
AARP life insurance offers its policyholders a variety of payment options to make their premium payments manageable and convenient. These payment options are:
1. Automatic Bank Withdrawal (ABW)
ABW is the most preferred payment option for AARP life insurance policyholders. It is an automatic payment method where the policyholder agrees to let AARP deduct the premium amount from their bank account on the due date of the payment. This payment option ensures that the payment is never late and the policyholder never misses a payment.
2. Online Payment
Another convenient payment option is online payment. Policyholders can visit AARP’s website and log in to their account to make a payment using their debit or credit card. This payment option is quick, easy, and can be done from anywhere.
3. Phone Payment
For those who prefer to make payments over the phone, AARP offers a phone payment option. Policyholders can call AARP’s customer service and make the payment using their debit or credit card.
4. Mail Payment
Policyholders can also make their payments through mail by sending a check or money order to AARP’s payment address. The payment address can be found on the policyholder’s billing statement.
AARP life insurance policyholders have the flexibility to choose any payment method that suits them. The payment methods accepted by AARP are:
1. Debit Card
Policyholders can make their payments using their debit card. They need to provide the necessary information on the payment portal, and the payment will be processed instantly.
2. Credit Card
Policyholders can also use their credit cards to make their payments. They need to provide their credit card information on the payment portal, and the payment will be processed instantly. It is important to note that AARP charges a convenience fee for payments made through credit cards.
3. Checking Account
Policyholders can also choose to pay using their checking account. They need to provide their bank account details on the payment portal, and the payment will be deducted from their account on the due date.
Payment Grace Period
If a policyholder cannot make the payment on the due date, AARP offers a grace period of 31 days from the due date. During this grace period, the policy remains in force, and the policyholder can make the payment without any late fees. If the policyholder fails to make the payment within the grace period, the policy will lapse or terminate, and the policyholder will lose the benefits of their policy.
1. Can I change my payment method?
Yes, policyholders can change their payment method at any time by contacting AARP’s customer service.
2. How do I know when my payment is due?
AARP sends billing statements to its policyholders, which include the payment due date and the amount due.
3. Can I make a partial payment?
No, AARP does not accept partial payments. The policyholder needs to pay the full premium amount to keep the policy in force.
4. What happens if I miss a payment?
If the policyholder misses a payment, they have a grace period of 31 days to make the payment. If the payment is not made within the grace period, the policy will lapse or terminate, and the policyholder will lose the benefits of their policy.
5. How do I cancel my policy?
To cancel the policy, the policyholder needs to contact AARP’s customer service and provide the necessary information. The policy will be cancelled, and any premiums paid will be refunded.
Automatic Bank Withdrawal (ABW)
In conclusion, AARP life insurance policyholders have the flexibility to choose their payment options and methods. AARP offers various payment options like ABW, online payment, phone payment, and mail payment. Policyholders can make payments using their debit or credit card or checking account. AARP also provides a grace period of 31 days for payment. It is important to make timely payments to avoid the policy lapsing or terminating. We hope this article has provided you with all the necessary information you need to make your AARP life insurance payments.