Hi, I’m a lurker in this sub. I bought a 30-year term life insurance policy two years ago. Do life insurance companies offer online accounts where I can check my payment history, view any policy changes, and access the contract?
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It depends on the company.
Term life insurance is pretty straightforward: you pay your premiums, and the coverage remains active. There’s not a lot to monitor.
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Okay. I was wondering why I can not view my payment history online.
Why would you say there’s isn’t much to see?
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You are not accumulating cash value or receiving dividends. Your premium pays pure death benefit. Your DB does not change nor does your payment. Ergo not much to see
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Okay. I am paying a bill like paying for cellphones or electric bills (they are not bringing any dividends or accumulating cash either). However, you can access accounts and see payment history. Auto policies are the same, plus you can view download id cards and dec pages.
Thank you for explaining
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It’s not really an account per se. It is a contract where terms have been agreed upon on both sides.
That being said my Mass Mutual portal lets me know when premium is due. And that I paid my premium and when the next is due. Also let’s me set up auto pay. So as said before, depends on how much the carrier wants to spend to make a quality portal.
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Most companies do offer online portals.
It’s a good idea to set yours up. It lets you create alerts for things like missed payments and conversion opportunities. Some also allow you to update your banking information and address.
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I would like that as a customer. But my company probably doesn’t have one.
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It’s essential to inform your beneficiary about your term life insurance. You can set up an online account to change your beneficiaries, update payment methods, and more.
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Yes, I agree. I like to stay on top of my accounts. I emailed my agent where my account on their website. I will wait for their answers.
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If you know the the name of the company that you insurance is issued by you can go to their website and register with your policy number
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Your agent is still getting a commission. Let them provide the documents and respond to your concerns.
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Yes, almost every carrier does offer this feature.
If your carrier doesn’t have an online account, you can call them to request your payment history. They definitely have that documentation stored somewhere.