Discounted Single-Pay Premiums
Petersen International strives to make the paying of insurance policy premiums as easy and as comfortable as possible for the agents we work with and for their clients.
We have developed platforms to receive payment for services by online EFT, credit cards, money orders, bank drafts, personal or business checks as well as wire transfers. PIU allows for premiums to be accepted annually, semi-annually, quarterly and monthly. These premium payment modes are available on most of our product lines and are designed to meet the varying budgets and financial needs of every client.
A payment option that demands special attention and explanation is that of the single-pay premium. Most Petersen International fully underwritten, individual disability policies are issued with multiple-year terms of insurance, commonly three to five years. That means that the policy wording, definitions and premium rates are guaranteed for the three to five-year term of insurance, and PIU offers the unique ability to accept single-pay premiums for the entire term of insurance. Therefore, clients can pre-pay the annual payments for their entire three or five-year policy upfront at the time of initial policy issuance.
What makes the single-pay premium option so special and attractive is that it comes with amazing price discounts – 10% on a three-year term policy and 20% on a five-year term policy. The single-pay discount on a five-year policy is equal to a full year’s worth of premium. It’s the equivalent of your client receiving a year of valuable disability income protection for free!
Furthermore, single-pay disability premiums provide special benefits for the agents as well. Brokers earn first-year level commission on the entire paid premium (less taxes). So, your clients receive huge discounts on their policies, and you get paid a high-level commission on the entire policy term in advance!
The next time you prescribe Petersen International Underwriters for your clients’ disability insurance needs, be sure to pay special attention to the offer of a single-pay premium. Call (800)345-8816 to learn more about this option.