For most of us, the COVID-19 pandemic is unprecedented.
But life insurers exist to provide relief when times are tough. For more than 175 years the life insurance industry has been a source of strength and support to American families.
At a time when COVID-19 is creating financial hardship for so many families, life insurers are extending grace periods to give policyholders who need it more time to pay their premiums.
Life insurers are working with state officials who have declared a state of emergency so policyholders can make payments later and keep coverage now. Among the possible accommodations available for policyholders who are impacted adversely by COVID-19 and request them are:
These accommodations are intended to remain in place until the state of emergency has been lifted by a state.
In addition to helping customers, life insurers have been providing essential support to our own employees, who are serving consumers across the nation with dedication and commitment under difficult conditions. And we’ve been working with state and local leaders from coast-to-coast to provide critical support to communities in need through donations of time, resources and financial grants.
We’re helping families and businesses across the country, just as we’ve always done when our nation’s needs were greatest. Whether it was the Spanish Flu Epidemic of 1918, both World Wars, the Great Depression, the Flu Epidemics of 1957 and 1968, the September 11, 2001, attacks on the United States, or the financial crisis of 2008, life insurers were there, meeting the moment with leadership, empathy and action.
And we’ll continue to be there for them long after we’ve beaten the COVID-19 pandemic.
To learn more about how life insurers are serving their employees, customers and communities during the COVID-19 crisis, go to this link and follow #MeetingTheMoment on Facebook, LinkedIn, and Twitter.
Susan K. Neely was President and CEO of the American Council of Life Insurers (ACLI), the nation’s leading trade association determined to help families live better lives by achieving financial security and certainty. As president and CEO, Neely drove public policy and advocacy on behalf of ACLI’s member companies that represent 93 percent of industry assets and serve 90 million families. She is CEO Emeritus through December, 2024.
