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Southern Trust
Premium Payment Plans
At Southern Trust, we are sensitive to the unique financial situations of policyholders. We offer eight payment plans for our personal and business policyholders; including a monthly bank draft payment plan.
Payment Choices
| Payment Plans |
Down Payment Percentage |
Installment Percentages |
Payment Intervals (Days) |
Total Number of Payments (Including Downpayment) |
| Full Pay |
100% |
-- |
-- |
1 |
| Semi-Annual |
50% |
50% |
155 |
2 |
| Two Pay |
50% |
50% |
90 |
2 |
| Three Pay |
40% |
30% |
90 |
3 |
| Quarterly |
32% |
22.67% |
90 |
4 |
| Four Pay |
25% |
25% |
60 |
4 |
| Five Pay |
25% |
18.75% |
60 |
5 |
| Monthly |
17% |
8.30% |
30 |
11 |
Payment Comparison Chart
Example: $1,200 Annual Premium, policy effective in January*
| Months |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
| Full Pay |
1200 |
|
|
|
|
|
|
|
|
|
|
|
| Semi-Annual |
600 |
|
|
|
|
600 |
|
|
|
|
|
|
| Two Pay |
600 |
|
|
600 |
|
|
|
|
|
|
|
|
| Three Pay |
480 |
|
|
360 |
|
|
360 |
|
|
|
|
|
| Quarterly |
384 |
|
|
272 |
|
|
272 |
|
|
272 |
|
|
| Four Pay |
300 |
|
300 |
|
300 |
|
300 |
|
|
|
|
|
| Five Pay |
300 |
|
225 |
|
225 |
|
225 |
|
225 |
|
|
|
| Monthly (Non-Bank Draft) |
204 |
100 |
100 |
100 |
100 |
100 |
100 |
99 |
99 |
99 |
99 |
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*Note: With the exception of full pay, a $5 per payment (Including the downpayment) service fee will apply.
Full Pay
- 100% Down.
- No installments.
- No Service Fee
Semi Annual Payment
- 50% Down.
- One installment of 50% due in 155 days.
- A Service Fee of $5.00 per payment is applicable (Total $10.00).
Two-Pay
- 50% Down.
- One installment of 50% due in 90 days.
- A Service Fee of $5.00 per payment is applicable (Total $10.00).
Three-Pay
- 40% Down.
- Two installments of 30% each due in 90-day increments.
- A Service Fee of $5.00 per payment is applicable (Total $15.00).
Four-Pay
- 25% Down.
- Three installments of 25% each due in 60-day increments.
- A Service Fee of $5.00 per payment is applicable (Total $20.00).
Quarterly Payment
- 32% Down.
- Three installments of 22.67% each due in 90-day increments.
- A Service Fee of $5.00 per payment is applicable (Total $20.00)
Five-Pay
- 25% Down.
- Four installments of 18.75% each due in 60-day increments.
- A Service Fee of $5.00 per payment is applicable (Total $25.00)
Monthly Payment
- 17% Down.
- Ten installments of 8.3% each due in 30-day increments.
- A Service Fee of $5.00 per payment is applicable (Total $55.00)
Bank Draft-(Personal Lines Only)
**First Year of Bank Draft Only**
- 17% Down.
- Ten installments of 8.3% each due in 30-day increments.
- A Service Fee of $1.00 per draft payment is applicable (Total $10.00).
- **Subsequent Years of Bank Draft**
- Twelve installments of 8.33% each due in 30-day increments.
- A Service Fee of $1.00 per draft payment is applicable (Total $12.00).
Credit Card Payments
- Scheduled premium payments may be made with a credit card (Visa, MasterCard, Discover or American Express).
- There is no additional fee for this convenience.
- To make a credit card payment, contact the Southern Trust Accounting Department at (800) 476-5566.
NOTE: In the absence of a specified Approved Method of payment, the Five-Pay method will be assigned by Southern Trust Insurance regardless of % down payment received.
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