Two ways to protect your policy.

We are offering policy owners two different programs to make repayment easier.

If you're a New York Life financial professional, click here to learn more.

12-Month Repayment Program

Some policy owners are automatically eligible for a 12-month, interest-free repayment plan to pay any amounts that were required to keep coverage active, but were not paid, during the temporary pause.*

 

 




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Financial Hardship Program

If you have experienced financial hardship as a result of COVID-19, you may be eligible for New York Life's Financial Hardship Program. It provides an extended pause on cancellation of coverage up to an additional 90 days or a 90 day grace period.

After this period, you will be eligible for an interest-free repayment plan of at least 12 months.*

* For policies with more than one owner, any owner(s) that did not provide their approval at the time of election have the right to rescind enrollment.

Determine your eligibility and apply now.

If you have already registered for an online account, simply log in now and click the link at the top of your policy’s information page to determine your eligibility and apply. If you don’t have an online account, you can register now to begin the process.

Four simple steps to apply online.

Step 1

Log in to your online account. If you don’t have an account, you can register now quickly and easily. All we’ll need is your name, date of birth, the last four digits of your Social Security number, and your New York Life policy number.

Step 2

Once you’ve logged in to your online account, click “Learn More” on the blue banner above your policy summary or within your policy page.

Step 3

Review the programs available to you and apply for your preferred option. If you have multiple policies, please be sure to apply for a program for each one.

Step 4

After completing your application, you will receive an email confirming that New York Life has received your request. You’ll also receive additional information in the mail about the status of your application within 90 days.

Having trouble registering for an online account?

We can help you successfully register for an online account so you can apply for these programs.

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What if I don’t know my policy number?

Your policy number is listed on your most recent New York Life statement. If you don’t have access to a physical document your agent can help you locate your policy number.

Why is my password being rejected?

Your password must include at least eight characters, contain both uppercase and lowercase letters, contain at least one number, and not contain any spaces.

Still having trouble?

Call 1 (800) 326-9986 to speak with someone who can hear your concerns and answer your questions.


Frequently-asked questions.1,2

These FAQs are designed to give an overview of the Policy Owner Accommodations Program developed during this time of uncertainty due to the outbreak of the coronavirus (COVID-19). As you may be aware, several states have their own mandates regarding the treatment of life insurance policies. Please refer to the State Variations section of the FAQs to learn more about any state variations and visit www.newyorklife.com/newsroom/covid-19-faqs to get the latest updates. 

Overview of Programs

On March 23rd, New York Life announced that no client would lose their coverage during the period beginning on March 24th and ending on June 23rd. Note that in order to qualify for this temporary pause, your policy must have been issued and the first premium paid prior to March 24th.

For Whole Life and Term policies, this means that any policy that missed a premium payment during this time, or should have lapsed or been cancelled, would be kept active until at least June 23rd.

For Universal Life and Variable Universal Life policies, this means that any policy that had an insufficient cash surrender value to cover the policy’s monthly deduction charges, or should have lapsed or been cancelled, would be kept active until at least June 23rd.

On April 24th, New York Life announced additional policyowner protections: the 12-Month Repayment Program and the Financial Hardship Program. The programs work differently depending on when your policy should have lapsed, foreclosed, or entered the grace period.

Any policy that was issued and had the first premium paid prior to March 24th, 2020, and that would have lapsed, foreclosed or entered the grace period between March 24th, 2020 and June 23rd, 2020 will be able to enroll in either the 12-Month Repayment Program or the Financial Hardship Program:

12-Month Repayment Program

This repayment plan gives you the ability to pay for any scheduled premiums on Whole Life and Term policies that were due but not paid during the Do Not Lapse Period to repaid over a 12-month period. Similarly, this program allows Universal Life and Variable Universal Life policies to pay Monthly Deduction Charges that were due but not paid during the Do Not Lapse period, plus an amount to keep coverage active for an additional two months to be repaid over a 12-month period. This balance is called the “Total Repayment Amount”. There is no proof of financial hardship required for this program.

The full terms and conditions for how the program works can also be found here; however it is important to understand the following details:

  • In order for your coverage to remain active, you will need to resume paying your scheduled premiums (for Whole Life and Term policies) or you will need to pay an amount sufficient to keep your policy’s cash surrender value (or net cash value where applicable) positive (for Universal Life and Variable Universal Life policies) once the Do Not Lapse period ends (the Do Not Lapse Period is currently scheduled to end on June 23rd)
  • You will also need to begin repaying any amounts that were required to keep your coverage active, but not paid, during the Do Not Lapse period on your policy. We will notify you when these payments begin, but it will not be before August
  • Each month you will be billed an amount that is equal to one twelfth (1/12) of the “Total Repayment Amount” due (“Monthly Repayment Amount”)
  • If you do not pay this Monthly Repayment Amount, the policy could be cancelled or may lapse
  • For Whole Life policies any Policy Loan Interest not required to satisfy an excess loan condition, and Option to Purchase Paid-up Additions (OPP) payments that were missed, will not be included as part of this repayment program

Financial Hardship Program

You may qualify for additional assistance if you can demonstrate financial hardship due to COVID-19. You can elect to apply for an extended Do Not Lapse period for up to an additional 90 days. After that time, you will automatically be enrolled in a 12- or 24-month interest free repayment plan. 

The full terms and conditions for how the program works can also be found on here, however it is important for you to know the following:

  • Approval is required for this program
  • This program can extend the Do Not Lapse period of your policy for up to an additional 90 days 
  • This additional Do Not Lapse period begins on June 24th and is subject to a 180-day maximum from when your policy first entered the late period
  • During this additional Do Not Lapse period, your policy will not be cancelled or lapsed for any reason
  • Once this additional period ends, you will automatically be enrolled in a repayment plan giving you the ability to pay the scheduled premiums (for Whole Life and Term policies), or the Monthly Deduction Charges that were due but not paid during the additional Do Not Lapse period, plus an amount to keep coverage active for an additional two months (for Universal Life and Variable Universal Life policies)
  • You will need to resume paying your scheduled premiums (for Whole Life and Term policies) or you will need to pay an amount sufficient to keep your policy’s cash surrender value (or net cash value where applicable) positive (for Universal Life and Variable Universal Life policies) once the additional Do Not Lapse period ends in order for your coverage to remain active
  • If the Total Repayment Amount is $3,000 or more AND your policy has a face amount below $1 million, you will be given 24 months to repay the Total Repayment Amount; otherwise you will be given 12 months to repay this amount
  • For Whole Life policies, any Policy Loan Interest not required to satisfy an excess loan condition and OPP payments that were missed will not be included as part of this repayment program
  • Policy actions that are allowable during contractual grace periods will continue to be allowed during the initial Do Not Lapse period and any extended Do Not Lapse period

Policies that are Paid to Date through June 23rd, 2020 (the end of the Do Not Lapse period) and either miss a premium payment (Whole Life and Term) or enter the grace period (Universal Life and Variable Universal Life) between June 24th, 2020 and August 31st, 2020 are only eligible for the Financial Hardship Program

In this situation, the Financial Hardship Program will differ from the description above as follows:

  • New York Life will extend your grace period to 90 days
    • For Whole Life and Term policies, this means an additional 59 days beyond the contractual grace period
    • For most Universal Life and Variable Universal Life policies, this means an additional 28 days beyond the contractual grace period3

3VUL policies that fail monthly deduction processing due to unpaid loan interest will receive an additional 59 days beyond the contractual grace period.

Enrollment Process for the 12-Month Repayment Program and Financial Hardship Program

The easiest way for you to enroll is reviewing the material on this page where you will find the following:

  • A “how to” on enrolling in the 12-Month Repayment Program and Financial Hardship Program
  • A link to the online account registration page
  • A “how to” on registering for an online account 

If your policy is not eligible to enroll online, please call us at 800-225-5695. We’ll be happy to help you enroll.

The enrollment process will work differently depending on when your policy would have lapsed or foreclosed or entered the grace period, as well as what type of policy you have.

If your policy would have lapsed, foreclosed, or entered the grace period between March 24th, 2020 and June 23rd, 20204, you should wait to enroll until you receive a letter from us notifying you about the 12-Month Repayment Program and Financial Hardship Program.

Policyowners of Whole Life and Term policies with premiums due between June 24th, 2020 and August 31st, 2020 will be eligible to apply online for the Financial Hardship Program on June 24, 2020. Although New York Life may approve your hardship claim prior to missing a premium payment, you will not be officially enrolled in the program until you’ve missed a premium payment(s).

Policyowners of Universal Life and Variable Universal Life policies that enter the grace period between June 24th, 2020 and August 31st, 2020 will be not be able to apply online for the Financial Hardship Program until after your policy enters the grace period.

4Note that in order to qualify for this temporary pause, the policy must have been issued and paid the first premium prior to March 24, 2020.

You should act as soon as you are eligible to do so.

If you own a policy that would have lapsed, foreclosed, or entered the grace period between March 24th, 2020 and June 23rd, 20204 will have at least two weeks from the date your letter is mailed to enroll.

If you own a policy that misses a premium payment (Whole Life or Term) or enters the grace period (Universal Life or Variable Universal Life) between June 24th, 2020 and August 31st, 2020, you will have at least 31 days from either the missed premium due date or the date the policy enters the late period to enroll.

4Note that in order to qualify for this temporary pause, the policy must have been issued and paid the first premium prior to March 24, 2020.

12-Month Repayment Program

You will receive a confirmation email once you apply to enroll online in the 12-Month Repayment Program. 

Once New York Life credits your policy with the Total Repayment Amount (note this could take up 30 days or longer), you will receive a hard copy of the terms and conditions of the program (which you will have already agreed to electronically via your online enrollment application) and a letter outlining:

  • The Total Repayment Amount
  • The Monthly Repayment Amount
  • A schedule of when the Monthly Repayment Amounts are due  

Financial Hardship Program

You will receive a confirmation email once you apply to enroll online in the Financial Hardship Program through. 

You will be notified by a Client Service Representative (CSR) if your policy is approved or denied enrollment in the Financial Hardship Program. If approved, you will also be notified regarding when the temporary pause on cancellation of coverage will end. 

Once New York Life credits your policy with the Total Repayment Amount (note, this may take up to 90 days), you will receive a hard copy of the terms and conditions of the program (which you will have already agreed to electronically via your online enrollment application) and letter outlining:

  • The Total Repayment Amount
  • The Monthly Repayment Amount
  • A schedule of when the Monthly Repayment Amounts are due

In order to enroll in the Financial Hardship Program, you must demonstrate financial hardship that occurred due to COVID-19.  Proof of this financial hardship can include any of the following:

  • Proof of job loss, including notice of termination or confirmation of unemployment benefits
  • Proof of income loss including pay statements or a written confirmation of income loss from an attorney, accountant, or tax advisor
  • Proof of illness and/or caretaker status including medical payments or a physician’s written statement
  • If your financial hardship does not fall into one of the above listed categories, please click the “Other” box listed on the online enrollment screens. In order to determine your eligibility, we may contact you for additional information

Documents showing proof of financial hardship can be uploaded through MyNYL.com or sent to New York Life’s Service Center by sending a fax to 800-278-4117 or sending an e-mail to myinfo@newyorklife.com.

We encourage you to send documents by uploading or faxing them.  While we are prepared to receive documents by email, please understand that we have no control over its security while it is in transit to New York Life.

Any policy that would have lapsed, foreclosed, or entered the grace period between March 24th, 2020 and June 23rd, 20204 will have a letter mailed to the policyowner(s) between May 29th, 2020 and July 10th, 2020. The letters will notify you that your policy automatically qualifies for the 12-Month Repayment Program and that they can apply for the Financial Hardship Program. The letter will direct you to this page where you can apply for either program.

Any policy that misses a premium payment (Whole Life or Term) or enters the late period (Universal Life or Variable Universal Life) between June 24th, 2020 and August 31st, 2020 will receive information in your grace period notices informing you of the Financial Hardship Program. It will direct you to the page above where you can apply for either program.

4Note that in order to qualify for this temporary pause, the policy must have been issued and paid the first premium prior to March 24, 2020.

Questions About the Policy Owner Accommodation Programs

When you were on monthly recurring premiums and stopped making payments on your policy, the mode may not have switched to a direct billing basis. In order to ensure that you will be ready for future drafts on your policy, you need to reauthorize New York Life to begin taking payments from your account on file.  If the mode did change to direct billing, you will continue to be billed for future premiums due.  To start monthly recurring premiums, you will need to establish the arrangement on your online account, call the service center to restart, or send a My Payment Preference form to the Service Center for processing.

No. Reducing the face amount of your policy may reduce the required future premium payments or monthly deduction charges, but it will not reduce the Total Repayment Amount.

No, it is not. The Total Repayment Amount is calculated without the scheduled OPP premiums being included.

If loan interest due caused your policy to enter the grace period, then yes, the Total Repayment Amount will include that loan interest.

Financial Hardship Program

No, policies where the state of issue is New York or New Jersey do not require proof of financial hardship. When you enroll online, you will not need to provide proof of hardship to apply.

Yes, you will have the option to pick and choose which policies to enroll. However, not all policies will be eligible for this program.

Paying back the Total Repayment Amount

We wanted to give clients that owed premiums over $3,000 more time to repay amounts owed.

Please refer to this webpage for the full terms and conditions of each program as they vary for the different product types.

Yes. You can make additional payments to reduce the amount you owe. This will not decrease the future monthly repayment amount but will shorten the number of payments you need to make.

No, this is an interest free repayment program, so a discount is not available.

How policy features could be affected by the 12-Month Repayment and Financial Hardship Programs

If you opt into one of these programs, any Total Repayment Amount remaining will be deducted from your policy’s death benefit upon the death of the insured. Additionally, any repayment amounts due, but not paid will be excluded from the cash surrender value and the loan value. 

For full details, please refer to the terms and conditions which can be found here. You can also contact your agent or call us.

Yes. If your policy has available cash surrender value, you can take a loan or partial surrender while enrolled in these programs. Please note, that any repayment amounts due but not paid will be excluded from the cash surrender value and the loan value.

No, you will still be responsible for their Monthly Repayment Amount.

Yes, you can. Please note that you will still be obligated to meet the 90-day elimination period for CCR claims and may have your first month’s acceleration reduced by the amount of missed premiums or unpaid charges.

Yes.

State Variations

  • If your policy was issued in New York or New Jersey, we mailed you a letter during the first three weeks of May to inform you that you are eligible for COVID-19 relief and your options.
  • You will also still receive additional letters from us explaining your options.
  • People with policies issued in New York and New Jersey do not have to provide documentation of financial hardship to enroll in any of our Policy Owner Accommodation Programs; you only need to “attest” to financial hardship. 

If your policy was issued in California, the State Commissioner has extended the no lapse period to July 14, 2020.  

Policies that were issued in Indiana that enter the grace period between April 24, 2020 and May 31, 2020 will not lapse until after July 30, 2020.

Any policy issued in Hawaii with a first premium paid before March 24, 2020, will not lapse until June 26, 2020. 

Click here to see full terms and conditions

1For Business Solutions products, Employee’s Whole Life policies are treated as Whole Life, and Employee’s Adjustable Life policies are treated as Universal Life. Additional information on worksite-sold products, including Group Employee Benefits is provided on the Business Solutions Covid-19 Resource page Agency Portal.

2Asset Flex/Preserver policies with loans will generally follow Universal Life/Variable Universal Life process, Asset Flex policies on a scheduled planned premium will generally follow the same process as Whole Life policies. For Standalone Long-Term Care insurance policies, please contact the Long-Term Care Call Center at 1-800-224-4582.