Some of our dreamsecure whole life policies require premiums to be paid for only a limited number of years. A limited payment life policy like children’s whole life insurance is a great idea for kids because it works in several key ways. First, the policy contains a cash value feature, which grows tax-deferred. and second, the child will get a head start on the coverage she may need as an adult.
and with 10 or 20 year payment options, the policy could be paid in full before the child goes to college! our dreamssecure payout up to 100 life insurance policy guarantees level premiums, extended to age 100, and is available for both children and adults.
How long do I pay for whole life insurance?
Our whole life insurance provides a fixed amount of coverage that lasts your entire life. Your premiums stay the same throughout the pay period. Better yet, you can choose the payment period that makes the most sense for you, which, depending on the product, can be 10 or 20 years or up to a certain age, such as 100 years. necessary payments and follow other policy terms, your beneficiaries will receive the death benefit each time you die.
There are a variety of payment terms to choose from. some of those options may include:
- pay the premium at a fixed rate up to 100 years.
- pay the premium for a certain number of years. Keep in mind that you’ll pay higher premiums than if they were spread out over your life, but once the payments are made, you’ll still be insured for life.
what happens if you don’t pay your premium?
When you do not pay the premium on a life insurance policy, your coverage may lapse, meaning you will no longer be covered and, in the event of your death, your beneficiary will not be paid the death benefit. Typically, a life insurance company offers a grace period, which is the amount of time you have after the due date to pay your premium.
If you pay within the grace period defined in your policy, your coverage can stay in force and you won’t have to reapply for life insurance.
pay your american family life insurance policy
Here’s a quick look at some of the most common ways you can pay for your American Family Life Insurance Company life insurance policy:
send a payment by mail
You can pay for your life insurance quarterly, semi-annually, or annually by mailing in your premium. For american family life insurance company policies, send your payment to:
american family life insurance company, 6000 american parkway, madison, wi 53783
set up automatic payments
To pay by automatic funds transfer, contact your american family insurance agent or call our customer service center at 1-800-myamfam (1-800-692-6326). Make sure you have your financial institution information handy.
Automatic payments are scheduled on a recurring basis. accepted payment types are a checking or savings account. you choose the payment date, the amount and the method of payment. you can change these options or stop a scheduled payment. You will also receive an email reminder before the payment date.
You will be asked to complete and sign an authorization form indicating that you authorize American Family Insurance to automatically deduct funds from your account.
pay by phone
Call us at 1-866-424-8002 to use our automatic phone payment system.
make a payment with pay now
You can pay your bill directly from your checking, savings, or personal debit/credit card with Pay Now. You’ll need to enter your financial information, billing account details, and policy information each time you make a payment with Pay Now.
protect what is most important with life insurance
Connect with your american family insurance agent to find the life insurance coverage that best fits your needs.
This is a brief description of coverage and is subject to the terms and conditions of the policy and/or riders which may vary by state. fixed and guaranteed premiums are statements about the policy as determined in question, and any changes made to a policy may affect the premium and are subject to our underwriting rules. lifetime, lifetime and permanent words are subject to the terms and conditions of the policy. dreamsecure whole life insurance policies expire at age 121. check with an american family agent for details on coverages and restrictions.
policy forms: icc18-33 (10), icc18-33 (15), icc18-34 (20), icc18-35 (30), l-33 (10)(nd), l-33 (15 ) (na), l-34 (20)(na), l-35 (30)(na), l-33 (10)(sd), l-33 (15)(sd), l-34 (20 ) (sd), l-35 (30)(sd), icc18-36 (10), icc18-36 (15), icc18-36 (20), icc18-36 (30), l-36 (10)( na), l-36 (15)(na), l-36 (20)(na), l-36 (30)(na), l-36 (10)(sd), l-36 (15)( sd) ), l-36 (20)(sd), l-36 (30)(sd), icc17-225 wl, l-225 (nd) wl, l-225 wl, icc17-227 wl, l-227 (nd) wl, l-227 wl, icc17-223 wl, l-223 (nd) wl, l-223 wl, icc17-224 wl, l-224 (nd) wl, l-224 wl, icc17-228 wl , l-228 (nd) wl, l-228 wl