UPDATED: Feb 5, 2022
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- You must pay a small fee to secure a money order
- Always write down the designated payee first on your money order
- Money orders are an acceptable form of payment at most institutions
Money orders are secure and widely accepted forms of payment that you can use to send money to individuals or businesses. Even more exciting is that if you want to put money down to obtain affordable life insurance, knowing how to fill out a money order can help you buy the coverage that you need.
No matter if you need permanent life insurance or a term policy, you can use a money order, which most insurance companies consider to be a pre-paid check, to purchase it. Of course, you should always check with an insurance company about its accepted forms of payment before you go get a money order, as you will need to pay a small fee to use one.
Keep reading to learn how to find great life insurance quotes and how to fill out a money order so you can pay for your life insurance policy.
Enter your ZIP code above to get free quotes once you know how to fill out a money order so you can buy a great life insurance policy that will provide the coverage you need.
How do you fill out a money order?
No matter if you need to know how to fill out a money order for rent payments or different types of term life insurance payments, you’ll need to be able to provide the payee’s name and address, the amount to be paid, your full name, your address, the reason for the payment, and the billing account number. If you want to pay for your life insurance, your billing account number will be the same as your policy number.
You must also remember to use either a pen with either black or blue ink to write on your money order. You may not use a pencil, as this could pose a serious risk to you. Anyone with an eraser could re-write the information on your money order and steal your funds, so you be sure to always use a pen.
Now, if you’ve ever conducted an internet search for “show me how to fill out a money order,” this next section will be particularly helpful to you. Let’s take a closer look at each step of the process of filling out a money order so you know what to do and why you’re doing it.
Filling Out a Money Order
Once you have the money order form in your hands, the first thing you must do is find the “pay to the order of” field. Sometimes this will also be labeled as the “pay to” field. It is in this section that you’ll put down the name of the payee, which will be the name of your life insurance company if you are purchasing life insurance or simply making a payment on one you already own.
Remember, a money order is like a check, so if you don’t mark who should be getting the funds and misplace your money order, anyone could write their name in and make off with your hard-earned money.
Once you’ve written in the payee’s name, you’ll have to find the “purchaser’s address” field and write in your address. You may also have to mark down the payee’s address as well, depending on the type of form you have. Be sure to read the fields on your money order carefully.
Next, locate the memo line, which may also be marked as the “payment for” or “account number” field, and clearly write your policy number so your insurance company knows exactly which account these funds are designated for.
The last part you will need to fill out is the “purchaser” field. This is where you’ll sign your name. Bear in mind that the “purchaser” field may also be labeled as “drawer” or “signer.”
On the back of the money order, you will notice that there is a section that reads “endorse here.” Do not sign that line. Only the payee will need to sign there in order to receive the funds.
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Where can you get a money order from?
Knowing how to buy life insurance and how to fill out a money order are two skills that are good for you to have in your toolkit for life, so let’s discuss where you can purchase a money order from.
When you need to get a money order, you can buy one from a bank, credit unions, the United States Postal Service, many grocery stores, or a check-cashing business. You will need to pay for your money order when you pick it up. You can purchase one with:
- A check
- A debit card
- Traveler’s Checks
You are not allowed to use a credit card to purchase a money order, but don’t worry. The fee to purchase a money order is usually not very high.
Are money orders expensive?
Money orders themselves do not cost a lot of money to obtain. You can usually purchase a money order for between $1 to $10. However, you must note that you will not be able to use a money order to transfer an unlimited amount of funds. Some institutions will only you to send a money order that carries funds of $1,000 or less.
You should also keep your receipt in a safe place until you know that the funds have been received by your payee. How will you know that your funds have arrived in the right hands? There is a tracking number on your money order that you can use to confirm that it was sent to the right location.
Now that you know where to buy a money order and how to fill it out, let’s examine where you can find a life insurance policy worth purchasing a money order for.
Where can you find life insurance quotes?
If you need cheaper life insurance rates, knowing how to fill out a money order won’t help you. That’s where the internet comes into play. You can use your personal handheld device or home computer to shop online and find the best life insurance policy for your needs. Shopping online is not only convenient but incredibly efficient, too. You’ll be able to request multiple free quotes and review them all to verify that you are making the best choice for your needs.
When shopping for life insurance, you’ll need to ask yourself a few questions:
- What do you want this policy to do?
- How much can you afford to pay?
- Are you currently in good health?
- Do you want permanent or temporary insurance?
These questions will help you weed out policies that don’t match your needs or your budget. You’ll also need to be prepared to answer personal questions about yourself when filling out quotes. Of course, if you don’t want to go through the extra hassle of taking a medical exam, you can also search out companies that offer guaranteed acceptance policies.
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Filling Out a Money Order: The Bottom Line
If you want to send a secure payment to your life insurance company, knowing how to fill out a money order will help you do just that. As you’ve learned, there’s no great mystery when it comes to properly filling out your money order. However, if you want to refresh your memory at any point, you can always run an internet search for “how to fill out a money order.”
Remember to bring cash, checks, or a debit card with you when you go to purchase your money order from a bank or grocery store as a credit card will not be accepted as a form of payment.
You should also keep in mind that some institutions will not allow you to purchase a money order worth more than $1,000 so you should always check what the rules are if you need to send more than that amount.
Now that you know how to fill out a money order, enter your ZIP code below to get free life insurance quotes today.