Policyholder assistance options during COVID-19
90-day grace period on premium payments for your life insurance policy
During these challenging times, our highest priority remains your health and well-being. To support you during the COVID-19 pandemic, we are offering a 90-day grace period on premium payments for your life insurance policy. This grace period aligns with the recent Executive Order issued by Governor Cuomo as well as the amended regulations by the New York State Department of Financial Services.
You do not have to do anything to receive this grace period. If your policy enters this grace period, we will send you a separate confirmation letter with details about your coverage and transactions that may not be available. Please note that our website and correspondence may show your policy status as inactive and you could receive a lapse notice for your policy; however, your coverage will remain active during the 90-day grace period.
The enclosed information provides additional information from the New York Department of Financial Services including payment plans that may be available. While we encourage you to continue to make payments on your insurance policy, if you're unable to pay your total past-due premium by end of the 90-day grace period, please contact us at 800.950.0042 to discuss your premium due and payment options.
Additional information from the New York Department of Financial Services
A recent Executive Order issued by Governor Cuomo, together with recent amendments to the insurance and banking regulations issued by the New York State Department of Financial Services, extend grace periods and give you other rights under your life insurance policy if you can demonstrate financial hardship as a result of the novel coronavirus (COVID 19) pandemic. These grace periods and rights are currently in effect but are temporary, though they may be extended further.You can find more information online:
Insurance payments grace period
If you can demonstrate financial hardship as a result of the COVID-19 pandemic, we must extend to 90 days the applicable grace period for the payment of premiums and fees under your life insurance policy. If you do not make a timely premium payment and can demonstrate financial hardship as a result of the COVID-19 pandemic, we may not impose any late fees relating to the premium payment or report you to a credit reporting agency or a debt collection agency regarding such premium payment.
Catching up on overdue insurance payments
The regulations also require us to permit you to pay the overdue premium over a 12-month period if you did not make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic and can still demonstrate financial hardship as a result of the COVID-19 pandemic. This also applies if we sent you a nonpayment cancellation notice prior to March 29, 2020.
How to demonstrate financial hardship
If you are unable to make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic, you may submit to us a statement that you swear or affirm in writing under penalty of perjury that you are experiencing financial hardship as a result of the COVID-19 pandemic, which we must accept as satisfactory proof. Such statement need not be notarized.
If you have any questions regarding your rights under the Executive Order or regulations, or you want to discuss billing or payment arrangements, please contact our administrative office at 800.950.0042.