FAQ


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Frequently Asked Questions
EFT Program
	What is the EFT Program?
	Why are monthly installments withdrawn a month in advance of the coverage date?
	Why am I charged $1 for each withdrawal?
	What are the advantages of having a six month term with monthly installments instead of a one month term with one month withdrawals?
	Can I have my withdrawal on any day of the month under the monthly installment program?
	How does the conversion work when going from a monthly term with monthly withdrawals to a six month term and monthly installments?



















	EFT Program
	What is the EFT program? The EFT Program (Electronic Funds Transfer) allows for the automatic withdrawal of funds from your financial institution and depositing them directly to our bank to pay for your insurance premiums. Payments can be withdrawn on the due date of your current 3, 6 or 12 month term policy or they can be withdrawn in monthly installments on a 6 month term policy. This monthly feature is explained on the EFT Form in the Policyholder Access section of our website (Registered Users Log In Now). Monthly payments are only accepted under the EFT Program and not under the normal direct bill process. View Guidelines and Form Return to Top

	Why are monthly installments withdrawn a month in advance of the coverage date? If any problems arise in the collection of your premiums, the advanced funds will allow your policy to remain inforce while the problem is worked on. Return to Top

	Why am I charged $1 for each withdrawal? Our bank charges a transaction fee for each withdrawal. We also incur additional processing fees to handle problem situations. Rather than increasing the premiums for everyone we have elected to charge only those who utilize the EFT Program. By having funds for all policies withdrawn on the same date you are only charged one processing fee. Return to Top

	What are the advantages of having a six month term with monthly installments instead of a one month term with one month withdrawals? With a 6 month term any rate increases can only be applied at the beginning of the term, thus there are only two times a year that rate adjustments could be applied. Also policy cancellation for any reason except non-payment can only be done at the beginning of the term. With a monthly term your rates could be raised or policy cancelled at the beginning of any month. Return to Top

	Can I have my withdrawal on any day of the month under the monthly installment program? Yes. Return to Top

	How does the conversion work when going from a monthly term with monthly withdrawals to a six month term and monthly installments? Premium for the first six month term after conversion will be drawn in equal installments over the next FIVE months. For all succeeding six month terms the premium will be withdrawn in equal installments over six months with each installment due one month prior to the coverage period. See the following example. Example for Conversion: Term premium for six month term 7/1/2005 to 1/1/2006 $600 Conversion and first withdrawal date 7/1/2005 Second six month term 1/1/2006 to 7/1/2006 Installments ( assuming no policy changes over the 1st year )
	7/1/2005	$120
	8/1/2005	$120
	9/1/2005	$120
	10/1/2005	$120
	11/1/2005	$120
	12/1/2005	$100	Coverage 1/1/2006 to 2/1/2006
	1/1/2006	$100	Coverage 2/1/2006 to 3/1/2006
	2/1/2006	$100	Coverage 3/1/2006 to 4/1/2006
	3/1/2006	$100	Coverage 4/1/2006 to 5/1/2006
	4/1/2006	$100	Coverage 5/1/2006 to 6/1/2006
	5/1/2006	$100	Coverage 6/1/2006 to 7/1/2006
	Return to Top

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Wisconsin Mutual Insurance Company
8201 Excelsior Dr
Madison, WI 53717
(608) 836-4663
(800) 831-5959

Frequently Asked Questions