EMERGENCY RULES FOR INDIVIDUAL LIFE AND ANNUITY CLIENTS IMPACTED BY INDIANA SEVERE WEATHER AND FLOODING
March 29, 2018
Indiana recently issued an Emergency Bulletin, which impacts clients living in the following counties, affected by the recent severe storms and heavy rains:
Benton, Carroll, Clark, Crawford, Dearborn, Elkhart, Floyd, Fulton, Gibson, Harrison, Jackson, Jasper, Jefferson, Kosciusko, LaGrange, LaPorte, Lake, Marshall, Newton, Noble, Ohio, Perry, Porter, Posey, Pulaski, Spencer, St. Joseph, Starke, Switzerland, Vanderburgh, Vermillion, Wabash, Warren, Warrick, and White counties.
To assist our mutual individual life and annuity clients living in these Indiana counties and to fully comply with the Emergency Bulletin, we have implemented the following temporary changes to our normal procedures.
Life Insurance Policies
- No life insurance policies will be allowed to lapse, terminate, expire or cancel from 3/2/2018 through 5/1/2018
- Every policy with the end of their 61-day payment period for premium, loan interest, loan repayment, expiry during this period will be given an additional 60 days to submit the required payment, or until 5/1/2018, whichever is later. For example:
- Policies that had the end of the 61-day payment period on 3/2/2018, will now have until 5/1/2018 to make their payment before lapsing/terminating/expiring, and won’t lapse/terminate/expire until 5/2/2018.
- Policies that have the end of the 61-day payment period on 4/1/2018, will now have until 5/1/2018 to make their payment before lapsing/terminating/expiring, and won’t lapse until 5/2/2018.
- Policies that will have the normal end of the 61-day payment ending on 5/1/2018, will have until 7/1/2018 to make their payment.
- We will make verbal contact with any clients whose contract’s maturity date occurs during this time period, before annuitizing the contract.
- The SO Select Annuity product allows clients 30 days on their renewal to surrender their contract without charges. We will review surrender requests received during this time, but after the contract 30-day period, to determine if charges should be waived.
- Claims exceptions for impacted residents will be reviewed to ensure we are taking appropriate actions.
Indiana Severe Weather and Flooding