The Standard is a marketing name for Standard Insurance Company (Portland, Oregon), licensed in all states except New York, and The Standard Life Insurance Company of New York (White Plains, New York), licensed only in New York. Products and availability vary by state and are solely the responsibility of the applicable insurance company.
Announcing Credit Card Payment for Conditional Receipt
These days, people are less likely to carry a checkbook. That can make it inconvenient to provide the bank routing and account information required to complete a conditional receipt payment. We're happy to announce that applicants will be able to pay online for conditional receipt coverage using their credit cards, starting today.
Here's how it works:
- Have your client fill out the One-Time Premium Payment for Use With Conditional Receipt form and Disability Insurance Conditional Receipt included in the application. Submit this with the application.
- The Standard will send an email directly to your client within two business days of receiving the application in the home office. Simple instructions direct the applicant to complete their one-time payment online.
- A few points to remember:
- Applicants must respond by clicking the Start Payment button within 72 hours of email receipt.
- Payment must cover at least one month's premium. This amount is pre-populated in the Payment Amount field (from the Premium Paid With Application section of the Disability Insurance Conditional Receipt form).
- Underwriting approval is still required, but once the coverage is approved, the start date will reflect the payment date.
- This option is available in all states where Platinum Advantage is approved, except New Jersey and New York.
All of our regular payment options are still in place. Customers can still opt for conditional receipt through electronic funds transfer (EFT) or paying by check. But now you can offer your clients even more payment options and convenience. Check out this flyer for all the payment-process details.