Payments
Who can make a payment online?
Policy Owner
What does PLI stand for?
Policy Loan Interest
What are the options to make a premium payment?
- Online
- Over the phone
- Sending a check
Guest payment
What OPP means?
Option to Purchase Paid up Additions
The option to change the bank account on file is only for policies currently set up for Autopay.
True or False
True
Types of payment online?
Loan
OPP
Where to find the option to make a loan repayment button?
• Go to Billing and Payments
• Locate the Loan Balance section
• The Loan Repayment option will appear 24 to 48 hours after the loan is processed
How One time payment works?
PO can make a payment online without a previous payment arrangement
Mention the steps to make an One time OPP payment
STEP 1: From the Dashboard, click on the View Details button
STEP 2: On the Details screen, click on Billing And Payments.
STEP 3: In the Option To Purchase Paid Up Additions section, click on the Make a Rider Payment button.
What is a Multiple Arrangement?
Single withdrawal from an account for premiums for multiple policies
What kind of bank accounts are accepted?
Savings and checking accounts. No card information is taken.
What policy types are eligible for recurring payments?
Whole Life and Universal/Target Life
Is there any specific mailing address for payments? Which one(s)?
Regular mail: New York life PO BOX 139051 Dallas TX 75313-9051
Autopay can't be set for an OPP payment
True or False
False
How do you update bank account information?
-Online account
-View details
-Manage autopay
-Add bank
Besides doing a payment, what can the client change about their payment?
Billing Options
Change Frequency
Manage Bank Account Information
Is the policy owner able to make a loan repayment online if the policy is a multiple owner's policy?
Yes, the policy owner is able to make a loan repayment online but not to set up an autopay for a multiple owners account.
What is a split payment?
Bank Account + Dividends
For eligible policies, part of the premium can be covered using available dividends, with the remainder paid via EFT.
Mention the steps to make an One time OPP payment
STEP 1: From the Dashboard, click on the View Details button
STEP 2: On the Details screen, click on Billing And Payments.
STEP 3: Once the Billing and Payments page opens, click on the Set Up Autopay button.
How do we update bank information on a policy that is in a Multiple Arrangement for Premium and/or Loan?
Only by Payment preferences form
What condition must be met for a client to pay their insurance premium by loan?
The client must have enough accumulated cash value to take a loan out against the policy. If there isn’t enough cash value to cover the cost of the loan, the client cannot pay their premium by loan
How to proceed if the policy owner wants to make the PLI payment aside the premium payment?
Offer the option to send a check to transfer the policy owner to the servicing area to process this over the phone.
Mention the requirements to make a payment by dividends.
In order to pay by dividend, the client must have accumulated enough dividends to cover the cost of the premium. If the client does not have enough dividends, they will be unable to use this feature
Can Dividends be applied for an OPP payment?
Dividends cannot be applied towards OPP payments
How do you remove a bank account, once is no longer linked to a payment?
Mange
Account actions
Saved banks
Click on the points (3)
Remove Bank