I want to secure my new mortgage with a term life insurance. I've done my homework, checked out rates (online and by phone) and found some decent offers.
So far, so good. As a true FatWalleter, though, I would like to get the most out of this issue. Using (points-generating) credit cards to pay for the insurance if possible is obvious. But when I looked for FatCash, BingCB and the like there were no offers for insurances. Also no startup bonus offers like for credit cards.
Am I missing something? Any ideas / links / hints?
(BTW: I did a search and did not find anything. Please don't flame tooooo hard if I missed something here ).
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posted: Feb. 28, 2010 @ 8:44p
Colt2001
Senior Member
posted: Mar. 1, 2010 @ 12:34p
I highly doubt any Insurance Company is going to accept a credit card payment on life insurance. I have had multiple policies over the past 5 years for my wife and I and I cant think of a company that accepted credit cards. They want ACH payments just like Auto Loans and Mortgages.
skagen
Happy Member
posted: Mar. 1, 2010 @ 12:41p
I actually just paid w/ credit card for my new policy. Reliastar / Matrix Direct.
Colt2001 said: I highly doubt any Insurance Company is going to accept a credit card payment on life insurance. I have had multiple policies over the past 5 years for my wife and I and I cant think of a company that accepted credit cards. They want ACH payments just like Auto Loans and Mortgages.
There are numerous companies that accept CC payment for both initial and renewal premiums
giselmey said: I want to secure my new mortgage with a term life insurance. I've done my homework, checked out rates (online and by phone) and found some decent offers.
So far, so good. As a true FatWalleter, though, I would like to get the most out of this issue. Using (points-generating) credit cards to pay for the insurance if possible is obvious. But when I looked for FatCash, BingCB and the like there were no offers for insurances. Also no startup bonus offers like for credit cards.
Am I missing something? Any ideas / links / hints?
(BTW: I did a search and did not find anything. Please don't flame tooooo hard if I missed something here ).
There are rebating insurance agents in some states where it is legal (I did an old thread long ago in the archives, dont ask me to find it).
There are also companies that accept cc payment. The value of using a REAL experienced broker over the internet is they should do this research for you and tell you which companies will allow this.
For example, HSBC AAA and SBLI offer CC payment for initial premium and renewals. Transamerica will only do it for initial premium.
Colt2001
Senior Member
posted: Mar. 1, 2010 @ 1:34p
SUCKISSTAPLES said: Colt2001 said: I highly doubt any Insurance Company is going to accept a credit card payment on life insurance. I have had multiple policies over the past 5 years for my wife and I and I cant think of a company that accepted credit cards. They want ACH payments just like Auto Loans and Mortgages.
There are numerous companies that accept CC payment for both initial and renewal premiums
I Stand Corrected, thanks for the clarification.
dealslover007
Addicted Member
posted: Mar. 3, 2010 @ 3:06p
skagen said: I actually just paid w/ credit card for my new policy. Reliastar / Matrix Direct.
ditto. Yesterday I paid ING Reliastar / intelliquote.com They accept CC payments.
InsuranceExpert
Senior Member - 3K
posted: Mar. 3, 2010 @ 3:18p
Just don't put the cart before the horse. Find the best price for insurance for your situation and if there is an advantage to paying by credit card, do it. Don't buy coverage based upon their CC payment acceptance.
InsuranceExpert said: Just don't put the cart before the horse. Find the best price for insurance for your situation and if there is an advantage to paying by credit card, do it. Don't buy coverage based upon their CC payment acceptance.
Totally agreed. Like I said, I did my homework already.
From all this I take the message that there is no CashBack or the like out there.
Thanks everyone!
Although I do not quite understand why I deserve red. Oh well...
giselmey said: Totally agreed. Like I said, I did my homework already.
From all this I take the message that there is no CashBack or the like out there.
Huh?
How could you come to that conclusion when I specifically told you there ARE rebating insurane agents in some states where its legal. So there is INDEED CashBack from agents willing to rebate a portion of their commission.
kinggofg
Senior Member
posted: Mar. 11, 2010 @ 10:20a
Is rebating legal in NJ? Tried to search but came up with nothing. Can you buy insurance from another state?
TheWags
Member
posted: Mar. 11, 2010 @ 3:16p
giselmey said: I want to secure my new mortgage with a term life insurance.
No you don't! You want to make sure that your family and other heirs are taken care of after you are gone (including, for example, having the ability to cover mortgage payments and other costs). This has nothing to do with your mortgage, and should be totally independent of it. I think that is what you are talking about, but I just want to be sure.
I doubt that the cheapest insurance with a highly-rated company, taking into account the information you can figure out about where you are likely to fall in their underwriting process, is going to allow you to pay with a credit card. Even on $1000 of premium, which would be a lot for term coverage unless you are older, in poor health or getting a ton of term insurance or with a very long term, will only get you $20-$30 or so. So don't forget just to get the best deal overall.
InsuranceExpert
Senior Member - 3K
posted: Mar. 11, 2010 @ 7:06p
kinggofg said: Is rebating legal in NJ? Tried to search but came up with nothing. Can you buy insurance from another state?
Rebating is not legal in NJ. The only states in which it is legal are California and Florida. It's legal on a much more limited basis in Florida. You can buy insurance from another state, but you actually have to be in that state to buy it. When insurance is sold to somebody outside of their home state, there typically has to be a justifiable reason for doing it. I don't imagine that too much rebating occurs with inexpensive level term policies. There simply isn't enough of a commission involved to make it worth an agent's time especially when the agent doesn't even know if the policy will get placed. Is a rebate a taxable event? I'm not sure. One danger from the agent's perspective is that the insurance can get cancelled and the agent's commission will get charged back, but the client has his rebate. I do not have an expertise in this area, so if I'm wrong about something, let me know.
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