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Billing FAQ's
Premiums can be paid monthly, quarterly, semi-annually and annually, depending upon the policy. They can also be paid monthly by Electronic Funds Transfer (also called Pre-authorized Payment).
If you currently receive a monthly bill and make your premium payments by mail, or to change the frequency of automatic deductions from your checking or savings account, contact us..
Yes. Please contact us and we will send you the necessary form to complete and return with a voided check
Electronic Funds Transfer (EFT) provides an easy method of payment. Your authorization allows Settlers Life to automatically withdraw your premium payments from your checking or savings account when they come due.
Since Settlers Life automatically withdraws the premium payments from your checking or savings account as they come due, you significantly reduce the chance of an accidental lapse of your coverage. You may also save money by choosing EFT! Often, you will have a lower premium and you will eliminate postage and checking costs by not having to mail your payment.
Yes. The premium payments on any/all of your Settlers Life insurance contracts can be made through your account.
Settlers Life guarantees that we will withdraw premium payments only as authorized by you. If we make an error, we will, upon notification of the error, make the proper corrections and advise your bank that it was our error. Your bank is also protected from loss due to our actions.
You may cancel the automatic draft at any time you wish. Simply notify us in writing, or call us at 1-800-542-8711. Your written request must be received at least 5 working days prior to the withdrawal date.
You would need to submit a new authorization card along with a void check. Contact Policyholder Services at 1-800-542-8711 for more information.
Claims FAQ's
To report a death claim, start the process by contacting our claims department.
When you report a death claim, we will send the beneficiary a Claim form along with a letter informing them of any additional paperwork that may be needed. Begin by contacting our claims department. Other than a certified death certificate with cause of death, any additional paperwork that may be required would be dependent on policy language and who or what entity is named as the beneficiary. • If the beneficiary is the Estate: ◦ A Letter of Qualification is needed from the Legal Representative of the Insured's Estate. ◦ If an Estate will not be probated; please check with the appropriate Clerk of the Court for further instructions on whether or not a Small Estate Act Affidavit is available (and applicable) in the Resident State of the Insured. • If the beneficiary is a Minor: ◦ A copy of the Legal Guardianship document is required, along with a Claimant Statement completed by the Legal Guardian of the minor beneficiary.
Yes, an adult beneficiary who wants the policy proceeds assigned to the performing funeral home, please contact the claims department to start.
Loans FAQ's
If you have a Settlers Life policy that permits a loan, you may request a loan by contacting our Policyholder Services Department
Unless the loan is repaid, the amount of actual coverage provided by the policy will be reduced by the amount of the loan. This is because the loan must be repaid when the policy becomes payable as a claim. Interest is charged on the loan amount. If the loaned amount is not repaid, the loan plus accruing interest may exceed the remaining cash value of the policy causing its termination. Additionally, if the loaned amount is not repaid and the policy is in force at the Insured's death, the death benefit will be reduced by the amount of the outstanding loan.
You will benefit by repaying the loan as soon as possible so the full value of your policy will be restored. If you cannot repay the full amount, we urge you to send in installments of $10.00 or more. Note: Policy loans from life insurance policies are generally not treated as distributions or subject to income tax. We suggest that you consult your tax adviser or attorney for advice on your specific situation.
Policy Information FAQ's