For 175 years, our commitment to helping New York Life policyowners get through difficult times has been our top priority. During this time of uncertainty with the outbreak of coronavirus (COVID-19), we stand ready to help and make sure you stay informed of all the support that is available to you.
Over the last few weeks, we’ve taken several steps to help protect our policyowners, including a temporary pause on cancellation of coverage due to non-payment of premiums. This pause is in effect until June 23, 20201 for policyowners across the country.
Additionally, the New York Department of Financial Services adopted an emergency regulation to assist life insurance and annuity consumers experiencing financial hardship as a result of COVID-19. As a policyowner whose policy or certificate was issued in the State of New York, if you can demonstrate financial hardship under this regulation while it is in effect2, you may be eligible to3:
Our policies were designed to give you peace of mind. We won’t charge you interest for these late premium payments and we do not impose late fees or returned payment fees. We also will not report negative data to credit agencies if you miss a payment.
In addition to these actions, we’re closely monitoring regulatory guidance and will provide updates on any changes that occur.
To learn more, you can contact your agent or call one of our service professionals at 1-800-225-5695. We will be happy to assist you.
We hope this information will give you some peace of mind. We’ve been there for our policyowners during times of war, economic collapse and national tragedies, and we know that together we’ll withstand these uncertain times.
1 This temporary pause on cancellations is available to policyowners who have made their first premium payment and applies only to policies issued prior to March 24, 2020.
2 The regulation is currently in effect March 29, 2020 through July 6, 2020 and may be extended. For the most current information about assistance available to you, please visit our website or call us.
3 If you use premium financing for your policy, premium finance agencies are also required to provide similar relief. For more information, visit the New York Department of Financial Services website: https://www.dfs.ny.gov/consumers/coronavirus.
4 The grace period is the period of time after a premium due date in which an overdue premium may be paid without causing your policy to lapse. We have already temporarily paused cancellation of coverage on some policies until June 23, 2020.
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