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:
- Allowing premium payments up to a total of 90 days from the premium due date so that the policy is not canceled or lapsed;
- Allowing reasonable repayment options for unpaid premiums;
- Waiving any late premium payment fees or penalties;
- Providing reasonable flexibility to policyholders or their beneficiaries regarding proof of claim;
- Providing policyholders the ability to make premium payments, report a claim or otherwise communicate with the policyholders’ insurer or producer electronically, or if in person, by maintaining safe social distancing standards.
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.