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My parents are old, so my brother wants to place them on some life insurance. I think they are called Bankers Life Insurance of Pennsylvania. I live far away from them at the moment and I can't see them right now.
My brother really believes in this company and says that is best if they take the monthly payment from their bank account. But the other option is paying it with a monthly check. Because, it is true that my father has missed some payments on time. This Life Insurance warn that they will be dropped if payment is not pay on time. Or something like that. I hate to think someone has access to ones' bank account. But do life Insurances do that? Thanks for any info.
There is no problem with a fix amount monthly draft being taken from a checking account. The agreement with the insurance company will be for a fixed amount, and on a specific date. People forget to mail checks, checks get lost in the mail, posted to the wrong account, etc.
Drafts will assure that the policy remains in effect, and there can be no question about late or missing payments.
I reluctantly signed up for many auto-deduct plans for various bills. Many years now for some of them, including all insurances; no problem to date (KOW). The one I'm most afraid of is the water, since people have gotten $10K bills due to meter-reader errors, and the water company always acts like it couldn't possibly be their fault until it gets in the paper & gets more customers upset.
Automatic draft is handy! Plus, they will send a refund check for any overpayment.
I thought it would be shady in the END as they would keep the extra payments....but when my mother passed away we used the insurance for the burial. But a month later a check came for like 20 bucks for her last autodraft.
My insurance comes out of my account every month---as long as it's the same amount everytime, it's easy to keep track of, and is cheaper in the long run. There's no reason to worry.
USAA takes money out of my account every month. No problems to report.
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