Federal Life Insurance Company (Mutual)

Premium Payments - Life Insurance

Electronic Funds Transfer (EFT) - Premiums are automatically withdrawn from your checking or savings account.


To get started, complete our EFT Authorization Form: L-2287 and send it to us by mailFederal Life Insurance Co.(Mutual) 3750 West Deerfield Rd Riverwoods, Il 60015, faxFAX# (847) 520-0848 or emailpolicyservices@federallife.com.


Direct billing - A billing notice is mailed to you 22 days prior to your premium due date.


Credit card - Premiums are billed monthly to your Discover, MasterCard, or Visa credit card. (This option is only available at the time of policy/contract issue.)

Premiums must be paid on or before your premium due date. As a reminder we will send a premium notice 22 days before your premium due date. For customers on our Electronic Funds Transfer Program premiums will automatically be deducted on a monthly basis from your bank account.

Complete an EFT Authorization Form: L-2287 and send it to us by mailFederal Life Insurance Co.(Mutual) 3750 West Deerfield Rd Riverwoods, Il 60015 or faxFAX# (847) 520-0848

Please contact the Policyholder Service department at (800) 233-3750 ext. 503.

Some common reasons your bill may change include:


• Your term life insurance policy has entered a renewal period.
• Your Additional Insured Rider or Annual Renewable Term Rider has entered a new renewal period.
• You increased or decreased your face amount on the policy since the last billing cycle.
• You added or removed a rider or benefit from your policy since the last billing cycle.
• A rider on the contract has reached its natural expiry.
• You changed the planned periodic premium on your universal life policy.
• A temporary rating has reached the end of its rating period.

Term and Disability policies: If the past due premium is not paid by the time the grace periodA period following each premium due date, other than the first due date, during which an overdue premium may be paid, and during which time all policy provisions remain in force and effect. ends, the contract terminates. The grace period is usually 31 days but consult your insurance contract or call the Policyholder Service department at (800) 233-3750 ext. 503 to verify.


Whole Life policies: The grace periodA period following each premium due date, other than the first due date, during which an overdue premium may be paid, and during which time all policy provisions remain in force and effect. is usually 31 days but consult your insurance contract or call the Policyholder Service department at (800) 233-3750 ext. 503 to verify. If your policy has sufficient cash surrender valueThe amount of cash available to the policyholder for a policy loan, and/or the amount payable in cash upon surrender of the policy., you may be able to keep your coverage in-force beyond the grace period without paying premiums via the non-forfeiture optionAn option (as to surrender the policy for its cash value or convert the policy to one with a smaller face amount or to a term policy with a shorter period) available to a policyholder who has ceased paying premiums. you chose when you applied for your coverage. Available non-forfeiture options may include:


• Automatic Premium Loan: Any unpaid premium is automatically paid with a premium loan against your policy's cash surrender value. Premium loans accrue interest at the rate stated in your contract.
• Extended Term Coverage: Your policy's cash value is used as a single premium to purchase term insurance with the same face amount as your existing policy. The amount of that premium determines how long the term insurance will stay in force (only available with some whole life policies).
• Paid-Up Contract: Your policy's cash value is used as a single premium to purchase a paid-up policy. The amount of that single premium determines the face amount of the new policy.



Universal life policies: We allow a grace periodA period following each premium due date, other than the first due date, during which an overdue premium may be paid, and during which time all policy provisions remain in force and effect. of 61 days for this type of policy. Each month we deduct expense charges from your accumulation account. Whether or not you pay a premium, your policy will stay in force as long as the cash surrender value of your accumulation account is sufficient to cover these monthly charges. If not, the policy will lapseThe termination of an insurance policy because a renewal premium is not paid by the end of the grace period. after the 61st day of the grace period.


If you do not know your current non-forfeiture option or would like to request a change to this option, contact the Policyholder Service department at (800) 233-3750 ext. 503