CICA LIFE OF AMERICA – Premiums, Payments & Hold Dates

Premium Basics

Premiums vary based on:
• Face amount
• Issue age
• Sex
• Insurance class
• Riders

Payment frequency options:
• Monthly
• Quarterly
• Semi-annually
• Annually

Accepted Payment Methods

CICA Life of America accepts the following payment methods:

• EFT / ACH
• Direct bill
• Credit or debit card
• Direct Express card
• Social Security Billing (SSB)

Third-party premium payors are allowed.

Delayed Premiums & Hold Dates – Overview

Agents may delay the initial premium by selecting the Delay Premium option during application submission.

Key rules:
• Hold dates can be set up to 28 calendar days from the application submission date
• Billing information must still be entered
• Payment is attempted on the hold date

Standard Recurring Draft Rules

For standard recurring payments:

• Draft dates may be any day between the 1st and 28th of the month
• A hold date may be selected up to 28 days from application date
• Drafting begins on the hold date or submission date if no hold date is selected

Social Security Billing (SSB) – Agent Guidance

Social Security Billing is available for monthly payment frequency only.

Draft schedule options:
• 1st or 3rd of the month
• 2nd, 3rd, or 4th Wednesday of the month

A Payment Authorization Form is required to set up SSB.

Future Draft Dates – Application Steps

To delay a premium or set a future draft date:

• Select ‘Delay Premium’ during application
• Enter billing information
• Confirm the hold date on the second confirmation screen

The maximum delay allowed is 28 days from submission.

Payment Attempts & Rejected Payments

For applications with a hold date:

• The system attempts payment once on the hold date
• If unsuccessful, status becomes ‘Denied / Rejected Payment’
• The application cannot be updated and must be rewritten

No Hold Date – Payment Rules

If no hold date is selected:

• Drafting begins immediately upon submission
• Agents have up to 2 days to update payment information
• After 2 days, the application status becomes ‘Denied / Rejected Payment’

Birthday Rule – Hold Dates

If the insured’s birthday occurs between the application date and the hold date:

• The application cannot be submitted until after the insured’s birthday

• If the applicant's birthday is within 10 days prior to being appointed in a state for the first time (just in time), please reach out to CPS to manually appoint you in the state you are trying to submit an application.  Otherwise, you would need to wait until after the birthday to submit the application.  

Missed Premiums – Active Policies

For active policies:

• Missed premiums must be paid to keep coverage active
• Payments can be made through the Customer Portal or Agent Portal
• Agents may assist or contact Channel Partner Support if needed

Missed Premiums – New Policies

For new policies:

• Premiums are not drafted during the holding period
• Drafting begins on the hold date or submission date
• Funds must be available at issuance

If funds are not available on the hold date, the application must be rewritten.

Premium Changes & Face Amount Adjustments

Draft date, bank, or card changes must be submitted to Policyholder Services or Channel Partner Support.

Face amount changes:
• Reductions allowed after 6 months in force
• Reductions must be in $1,000 increments
• Increases require a new application