Important Information for New York Life Insurance Policy Owners During COVID-19

An Executive Order issued by New York Governor Andrew Cuomo, together with recent amendments to the insurance and banking regulations issued by the New York State Department of Financial Services, has extended grace periods for those able to demonstrate financial hardship as a result of the COVID-19 pandemic. These grace periods and rights are currently in effect and could potentially be extended, but are temporary. 

Grace Period

If you can demonstrate financial hardship as a result of the coronavirus pandemic, your life insurance carrier 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, your life insurance carrier cannot 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.

Overdue Payments

The regulations also require your life insurance carrier 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 COVID-19 and can still demonstrate financial hardship as a result of the coronavirus pandemic.

Demonstrating Financial Hardship

If you are unable to make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic, reach out to your life insurance carrier directly. 

At SelectQuote, we sincerely appreciate your business and wish you and your loved ones health and security during this unprecedented time. A copy of the Executive Order and regulations can be found here.

You can learn more about the impacts COVID-19 can have on life insurance policies here.

Contact Your Life Insurance Carrier

For specific details regarding your policy, please contact your provider. 

Genworth
855-706-9548

Voya Financial
877-886-5050

The Lincoln National Life Insurance Company
800-487-1485

Protective Life Insurance Company
800-866-9933

Prudential Life Insurance Company
800-556-8527

Transamerica
800-852-4678

William Penn Life Insurance Company of New York
800-346-4773

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