May 7, 2020
We’re Here with Updates That Will Help Your Clients…
Extending the grace period for premium payments to 90 days.
National Life Group is making every effort to help those affected by the COVID-19 Pandemic. And as your clients’ financial circumstances may have changed as a result of COVID-19, we too are adjusting our guidelines to provide relief.
Your clients’ coverage is more important now than ever and we are committed to keeping it from lapsing. We have updated our grace periods in all states to 90 days to ensure our customers have the time they need to fund their policies.
On March 31, 2020, we sent an initial notice that we were extending grace periods in compliance with various state emergency actions. Please see how the update impacts inforce life policies and reference the information below as our new grace period policy going forward:
Life Insurance
National Life Group will extend grace periods on inforce life policies for 90 days from the date the premium is or was due. We will permit an additional 30 days to pay premiums due without reinstatement requirements, as long as the insured is living.
This extended grace period does not change the terms of a policy and is not a forgiveness of the premium. Rather, it grants your policyholder an extended grace period for the payment of their premium due without penalty or interest.
In cases where individual states have provided more expansive provisions, we are following those guidelines; communications and resources that will help you and your clients are forthcoming.
Reaching out to your clients is more important than ever today. The Client Engagement eKit makes it easier to start the conversation and educate your client on their policy benefits.
To help you do business and stay informed during these uncertain times, visit The Rapid Response Center, which provides key guidance for life and annuities information and process updates.
