Yes, a policyholder can pay in full for a policy. Agents can select this payment option directly in the portal, once you select Request to Bind simply select Pay in Full under the Payment Options.
For Pay in Full options, the payment link is issued to the policyholder directly. Payment is required up front for the binding process to be completed. We do not accept credit card payments at this time.
When Pay-in-Full is Required
Pay-in-full is required (not optional) when:
- The total premium is under $500
- An endorsement results in additional premium under $500
For premiums of $500 or more, policyholders may choose between pay-in-full or financing through one of Cover Whale's premium finance partners, if the loan is eligible for an additional premium endorsement.