FAQs: Customer Service

Can I pay my bill online or over the phone?

Yes. Visit our Payments page for more information.

I received a form that asks for a witness signature. What does this mean?

The requirement for a witness signature is needed to validate that we have received an original signature. Please have a person not listed on the form witness your signature. If we receive a form that requires a witness signature but lacks one, we will return it to you.

Why am I receiving a bill if my payment has been sent?

Your payment and our billing cycle may have crossed in the mail. Please review the date at the top of your invoice. If you sent your payment before or around that date, they may have crossed.

When I take a loan against my policy, does it need to be paid back?

Although it’s not required, we suggest you do. We accept payments as low as $5.00. We can bill you each month, or we can set up automatic payments from your bank account. You will receive a loan interest notice each year that lists the total annual interest due on your outstanding loan for the year. You should make every effort to pay the outstanding interest, since any unpaid interest will be added to your policy as a new loan and more interest will be charged. If you choose not to pay back your loan, the death benefit provided by your policy will be reduced by the amount of the outstanding loan. If the outstanding loan balance becomes greater than your available cash value, your policy could lapse.

Can I change my beneficiary on line?

Not at this time. Please contact our Customer Service department at 800-628-5433 or your local Baltimore Life office to obtain a change of beneficiary form.

I am making payments on my universal life policy every month. Why did I receive a lapse letter?

This could happen for several reasons. Is the premium you are paying sufficient to cover the cost of insurance each month? Premium schedules are set when the policy is issued, but the cost of insurance can increase each year on your policy’s anniversary. Also, cost of living riders may have increased your policy’s death benefit, but authorization to increase your premium wasn’t received. You will receive a statement on your policy anniversary which provides a history of transactions for the previous year. Please contact our Customer Service department at 800-628-5433 or your local Baltimore Life office for a review of your policy.

What are the differences between the insured, the owner, the payor and the beneficiary?

The insured is the person whose life is insured by the policy. If this person passes away and the policy is active, the death benefit will be paid subject to the terms of the policy. The owner is the person who owns the contract, and is the only person who can make contract changes. The payor is the person who pays the premiums on the life insurance contract. The beneficiary is the person named by the owner to receive the death benefit proceeds if the insured passes away.

What is a required minimum distribution?

This is a distribution required by law to be taken on a qualified annuity after the annuitant reaches age 70 ½. The total required amount can be taken from multiple policies issued by multiple companies.

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