In order to better serve our policyholders and to align our processes with open-market conditions, BrickStreet has amended its premium payment plans, effective July 1.

One key change – the addition of a 10-payment option for all policies with more than $1,000 annual premium – was made at the suggestion of BrickStreet's Agent Advisory Council, a group that represents our 55 appointed agencies and four general agencies.

Under the changes, the initial premium deposit is now due to BrickStreet on the policy effective date, rather than two weeks after the effective date. Several plans, originally created to address short-term policies generated when BrickStreet moved to staggered policy terms, have been eliminated. These include two-payment quarterly plans, three-payment quarterly plans, and seven-payment monthly plans.

Effective July 1, BrickStreet’s premium plans are as follows:

$1,000 Annual Premium or Less

• 1-pay option: 100 percent due on policy effective date;
• 2-pay option: 50 percent due on policy effective date, 50 percent due in six months.

Over $1,000 Annual Premium

• 1-pay option: 100 percent due on policy effective date;
• 2-pay option: 50 percent due on policy effective date, 50 percent due in six months;
• 4-pay option: 40 percent due on policy effective date, three payments of 20 percent due every three months;
• 10-pay option: 25 percent due on policy effective date, nine payments of 8.3 percent due every month.