Payment Card Industry (PCI): Buying Life Insurance By Credit Card

Did you know some of our Carriers provide your clients with the ability to pay insurance premiums using their credit card in certain circumstances?

This added feature for clients purchasing life insurance comes with a unique requirement that not every Advisor may know. It is mandated by the Payment Card Industry (PCI).

What is PCI?

PCI governs the Payment Card Industry Data Security Standards (PCI DSS) which are a set of security standards designed to ensure that all companies that accept, process, store or transmit credit card information maintain a secure environment.

What does this mean to you?

As an Advisor, you may collect credit card information to process payment(s) for products or services. This collection of credit card information for remittance to the Carrier(s) mandates that PCI Security Standards be applied. Industry requirements dictate that if your client(s) choose to use this payment method, credit card information must be destroyed after submission to the Carrier(s). The information is vulnerable to fraud, so it may not be kept for any subsequent use.

Which Carriers allow payment via credit card?

The list of Carriers who accept credit card payments is limited and each have unique terms that decide whether they will accept insurance premium payments via credit card. If your clients are interested in utilizing this form of payment, please speak with the relevant Carrier’s sales team.

If you have any questions regarding PCI, please contact compliance@financialhorizons.com.