Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Oct 14, 2021

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The Brief

  • Most life insurance companies prefer that you use electronic-fund transfer (EFT)
  • Using money orders is less convenient, but it keeps your banking information secure
  • Some money orders come with fees before they’re printed
  • Money orders may be necessary if something happens to your bank account

Are you searching for life insurance companies that let you pay the bill by money order? If you’re buying term life or whole life insurance, you may need your bank account or debit card to make payments.

But paying life insurance with money orders may be an option at some life insurance companies.

Don’t worry – we’re here to help. Our guide explains which life insurance companies allow money orders and which companies don’t.

Enter your ZIP code in the free online quote tool above and compare multiple companies near you after learning everything about life insurance companies that let you pay the bill by money order.

Which life insurance companies allow money orders?

Most life insurance companies will accept money orders. Here’s a list of the best insurance companies that accept money orders.

Life Insurance Companies That Let You Pay by Money Order
CompanyAllows Money Order Payments?
Allstate
Banner Life
Guardian Life
Haven Life
John Hancock
MassMutual
MetLife
Mutual of Omaha
Nationwide
New York Life
Northwestern Mutual
Pacific Life
Primerica
Principal
Protective
Prudential
State Farm
USAA
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If you get paper bills in the mail, you should see a mailing address on the invoice. You can mail your money order to that address to pay your monthly life insurance bill.

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Are there any life insurance companies that don’t let you pay the bill by money order?

The short answer is no. It’s not uncommon for life insurance companies to prefer bank accounts and debit cards as payment methods.

Some life insurance companies want customers to use an electronic-fund transfer (EFT) to make automatic payments.

But if something happens to your bank account or if the company’s system goes down, the next best thing would be to mail in your payments or ask for more time.

What are the other available payment methods at life insurance companies?

There’s more than one way to make a payment at your life insurance company. Let’s look at a complete list of options you can use to pay monthly life insurance payments.

  • Automatic payments (EFT)
  • One-time payment with debit or credit card
  • Mail-in check or money order
  • Pay through a Mobile App

Mailing your payment takes the longest. Therefore, it’s essential to send your money order five days before the due date.

What are the advantages and disadvantages of using money orders to pay life insurance?

Money orders are less convenient, but they have a few advantages, too. Check out the list below to see the pros and cons of mailing in a money order for life insurance rates.

Pros:

  • A secure payment method that doesn’t reveal your bank account or debit card number
  • Reduce your chances of overpaying for a policy

Cons:

  • It takes longer for your payment to arrive
  • Money orders can be lost during delivery
  • Your life insurance payment could be late if it doesn’t arrive on time
  • You could lose your money order if it’s damaged or stolen

Electronic payments are more convenient and safer. There are several ways life insurance companies and banks safeguard your finances.

For example, any accumulated cash from whole life insurance isn’t affected by data thieves. And banks can refund you for any unauthorized debits from your account.

Life Insurance Companies That Let You Pay the Bill by Money Order: What’s the bottom line?

Money orders have become an alternative method of payment for most life insurance policyholders. But you should consider using your bank account or debit card.

It’s risky to send a money order three days before your life insurance bill’s due date. And if you wait too long, you risk having your policy canceled.

Now that you know more about life insurance companies that let you pay the bill by money order use our free comparison tool to compare multiple insurance companies in your area.

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Frequently Asked Questions: Life Insurance Companies That Let You Pay the Bill by Money Order

Do you want to know more about money orders and life insurance companies? Then, read these answers to frequently asked questions to learn more.

#1 – Can I pay life insurance with a money order?

The answer is yes. But most life insurance companies prefer funds from bank accounts or debit cards.

#2 – How do I know if a life insurance payment was successful?

If you mailed in your money order, you should receive a confirmation in the mail acknowledging your payment.

#3 – Will life insurance companies cancel policies for a missed payment?

It depends. A late payment has a grace period of at least seven days. After the grace period, the life insurance company may cancel your policy for nonpayment.

#4 – How should I pay my bill if the company website is down?

You could pay your bill over the phone or mail in a check or money order.

#5 – Can I receive a discount for using paperless billing?

Yes, you can. Some life insurance companies provide discounts to customers for using email or mobile apps to receive monthly bills.