Transamerica to introduce new payment options

Effective September 15, Transamerica will offer more flexible limits and options for payment for both new and inforce insurance for their clients. From now on, they'll accept pre-printed personalized cheques from an authorized bank account, money orders up to $500, Counter Cheques for an amount up to $5,000, and pre-authorized debit plan.

Bank drafts will also be accepted for an amount up to $5,000.00 if the name of the remitter is pre-printed on the draft by the bank at the time of issue; and the font of the remitter’s name matches the font throughout the rest of the bank draft. Transamerica will also accept any dollar amount where both the remitter’s name and account number is pre-printed at time of issue; the font of the remitter’s name matches the font throughout the rest of the bank draft; and the draft is signed by a Bank Manager (or bank employee); or the draft is accompanied by a letter from the bank signed by a Bank Manager (or bank employee) verifying funds were purchased by the remitter from their bank account.

As for Counter Cheques, they'll be accepted for an amount up to $5,000.00 provided the account number is pre-printed and the signature on the cheque matches the owner/payer signature Transamerica has on file.

Pre-Authorized Debit (PAD) is the easiest and most convenient way for the clients to make premium payments. Quick to set up and simple to customize, PAD offers your clients flexibility in their payment plans and reduces the risk of an unintentional lapse in their policies from an accidentally missed payment due to a move, illness or travel. With no limitations or restrictions on dollar amount, using PAD to make premium payments is a great way to avoid payment related delays in the application process, Transamerica said in a press release.

Lorne's Comments:
It’s great to see an insurance company making a variety of payment options available for the consumer. Hopefully they will offer a credit card payment option in the future.