Please inform applicants that The Standard will request payment as of the policy effective date. Policies are effective the first of the month after receipt of the application at The Standard's home office, unless a later effective date has been requested. (See Effective Dates.)
The preferred payment method is Electronic Funds Transfer. EFT deducts premium payments from the policyowner's checking account on a monthly, semi-annual, quarterly or annual basis, as chosen by the policyowner. Applicants may choose an EFT withdrawal date between the first through the 28th day of the month. Our preference is the first or 15th day of the month.
Please see the EFT form for more details.
If a policy has a June 1 effective date and The Standard receives an EFT form in July or August, The Standard will withdraw two or three months' premium so the policy can be placed in force and the premium will be paid up to date.
