What is the name of your state?
Iowa
I had a life insurance policy for 14 years! I signed up for auto pay with a credit card. My semi-annual premium was due in August. My credit card was stolen in July and the credit card company closed that account and opened another. I forgot to change my autopay and when the insurance company tried to charge it, it wouldn't go through. I was never notified of this and I received no bill. I assumed it had been paid because of the autopay. I just now (October 27?) received an e-mail stating that my policy had lapsed because of no payment and they could not reinstate it because it had been over 10 years since my policy was initiated. Of course, if I had paid premiums for 15 years which would have been February 2006, I would have been able to cancel this policy and get all the premiums I had paid over the years returned to me. Convenient, huh? Don't they have to inform me that my credit card had rejected the payment and give me a chance to pay with another card or a bank debit?
Iowa
I had a life insurance policy for 14 years! I signed up for auto pay with a credit card. My semi-annual premium was due in August. My credit card was stolen in July and the credit card company closed that account and opened another. I forgot to change my autopay and when the insurance company tried to charge it, it wouldn't go through. I was never notified of this and I received no bill. I assumed it had been paid because of the autopay. I just now (October 27?) received an e-mail stating that my policy had lapsed because of no payment and they could not reinstate it because it had been over 10 years since my policy was initiated. Of course, if I had paid premiums for 15 years which would have been February 2006, I would have been able to cancel this policy and get all the premiums I had paid over the years returned to me. Convenient, huh? Don't they have to inform me that my credit card had rejected the payment and give me a chance to pay with another card or a bank debit?