Both Jay and I have life insurance policies. I’ve got them set up to be paid quarterly via our online bill pay. Jay’s statement came in the mail today. I went through it to make sure the company hasn’t changed their policy to accept payment by credit card.
They hadn’t. 🙁
But, I did notice something on the back of the statement. It read:
Your billed amount is determined by the frequency of billing. You MAY reduce the total premiums paid in any policy year by electing to pay one of the amounts listed below.
We’ve been paying $278.20 quarterly. 4 x $278.20 = $1,112.80.
By paying the annual amount of $1,070, we’ll save $42.80/year. A no-brainer! The only question is why I was paying quarterly in the first place! When my policy statement comes, I’ll elect to pay annually. Between the two policies, we’ll probably save about $75/year.