Monthly Recurring Payments with American Reliable

Big News! Effective 06/29/2016 American Reliable introduces monthly recurring payments via EFT. New business in iReli will have the option, as well as existing policyholders, using a checking or savings account. Recurring Credit Card payments are not available at this time. Registration is simple, and can be done in three ways:

For new business the typical down payment will be 16.66% (two months of premium) and 10 installments of 8.33%. Applicants will be able to choose the day of the month that they want the premium amount to be transferred from their bank account.

Payments

Upon opting in, a confirmation letter will be generated which will display the payment schedule for the policy term. The policyholder will not receive another notice regarding their scheduled payments for the policy period unless there is a change in their banking information, payment amount or payment date. Payments are submitted to the bank on the scheduled payment date, but it may take up to two (2) business days for the payment to appear on the account. If the payment amount changes due to an endorsement, a notice will be generated at least 10 days prior to the payment that will be changed. If the next scheduled payment is less than 10 days in the future, the regular scheduled amount will be taken and the subsequent payment will include the change.

At renewal the renewal schedule will generate displaying the 12 scheduled payment dates along with the payment amounts. The policyholder will not receive another notice regarding their scheduled payments for the policy period unless there is a change in their banking information, payment amount or payment date.

How to Cancel Recurring Payments

Canceling monthly recurring payments can be performed over the phone with our Customer Service team at 800-535-1333 (follow prompts). This can also be accomplished by mailing a written request to American Reliable Insurance Company PO Box 4096, Scottsdale, AZ 85261. (Note: Cancelling recurring payment may take up to two (2) business days to process once it is received. Please ensure advance notice for the policyholder’s chosen payment date when submitting requests to cancel.)

Refunds of Credit Balances

If an endorsement or policy cancellation is processed that creates a credit balance, the money will be refunded via check and will not be processed via EFT. The refund will generate either the greater of five (5) days after the effective date or 14 days from the last payment.