Coming in November: Policyholder Online PaymentsPublished on: October 23, 2020
4/18/2022 Update: This webpost is relevant to a) policies issued or quoted and submitted before April 18, 2022 and b) renewals effective before July 17, 2022. Visit our Payments webpage to learn about all policyholder payment options.
Next month, policyholders will be able to pay TWIA policy premiums online. They will have the option to pay the full amount due all at once or split into two installments. The temporary two payment option implemented in response to COVID-19 will end on November 1 and will be replaced by this new installment option.
With online payments, policyholders will be able to get instant confirmation their payment has been received. These payments will also be applied to their policy faster than mailing in a check. TWIA will use the date on the confirmation as the payment received date.
What are the new online policyholder payment options?
- Credit Cards: Policyholders will be able to pay for their policy with their Visa, Mastercard, or Discover credit card. Debit cards and ATM cards may also be used. Third party/vendor fees may apply.
- eCheck: Policyholders will be able to pay for their policy online with an electronic check.
- Installments: Policyholders can pay for their policy in two installments. They can pay 50% or more at the time the policy is issued and pay the remaining balance within four months.
What’s not changing?
All pre-existing policy premium payment options are still available to policyholders, including submitting payment to TWIA through their agent and by mail. These new options are in addition to the options already offered.
What can agents do to prepare themselves and their clients for these changes?
We will host a series of agent webinars starting the week of November 9. Agents will receive an invitation to sign up for one of the webinars within the next few weeks. We encourage all agents to attend. This will be an opportunity to learn more about the new payment options and ask questions.
A new payments webpage will go live on the TWIA website mid-November. It will cover all the payment options available to policyholders and agents, as well as the link to the third-party payment website.