Wellington Residential Interest-Free 10-Pay PlanPublished on: January 27, 2022
The Wellington Residential Interest-Free 10-Pay Plan (“The Wellington 10-Pay Plan”) is a temporary payment plan for TWIA residential policies. Policyholders on this plan pay 25% of their premium when the policy is issued, and the remaining premium amount is spread evenly over the next nine months. All payments are interest-free.
The Wellington 10-Pay Plan will only be available until the second quarter of this year when TWIA will implement a significant systems upgrade. As part of the systems upgrade, TWIA will begin offering 10-Pay, 4-Pay, and 2-Pay plans that will all be interest-free. TWIA’s payment plans will not require the use of a premium finance company.
Any policyholder who uses the temporary Wellington Residential Interest-Free 10-Pay Plan will stay on the payment plan until their next policy renewal. Once it is time to renew their policy, they can switch to TWIA’s permanent 10-Pay plan if they wish to continue a similar payment schedule.
How to Use the Wellington Residential Interest-Free 10-Pay Plan for Policy Payment
Speak to your agent if you are a current or prospective TWIA policyholder interested in the temporary Wellington Residential Interest-Free 10-Pay Plan.
The process to finance a policy through the Wellington Residential Interest-Free 10-Pay Plan is the same as the existing Wellington Premium Finance process. Policyholders are still required to sign Wellington’s Premium Finance Agreement.
Using the temporary Wellington Residential Interest-Free 10-Pay Plan
1. Go to TWIA Policy Center to begin the residential policy submission or renewal process.
2. For a policy renewal, you will be asked on the Qualification screen if the policy premium will be financed. Select Yes.
- Note: There is no change on the Qualification screen for a new submission, and you will not be asked this question.
3. On the New Premium Financier Screen, select Wellington Premium Finance, Inc. from the Premium Financier Agreement Type dropdown.
4. On the Payment Screen, Wellington Premium Finance will appear as the Payment Method after completing steps two and three. EFT or ECheck are the only available down payment methods for this plan.
You may also refer to this job aid for paying for a policy using the Wellington Residential Interest-Free 10-Pay Plan.
If you have any questions about the Wellington Residential Interest-Free 10-Pay Plan, please contact our Policy Services team at email@example.com or (800) 788-8247. Our normal business hours are Monday-Friday, 8:00 a.m.-5:00 p.m.