When filling out a quote for a client, you now have the ability to select annual or monthly payments for the quote you generate.
Note: Coverpath does not have a paper billing option; these are monthly and annual EFT drafts.
After you send the quote, the customer's landing page will reflect the selection of annual payments.
As your client fills out their application, they will be able to modify the payment frequency.
As with other life insurance products, the annual payment option provides a discount on the premium for the client if it is selected (~9%). The discount varies based on how much life insurance is purchased.
Post-issue, your client will receive an email notice 9 days prior to when premiums are drafted from their provided bank account. The clients will then have time to ensure sufficient funds are in their bank account.