Life insurance grace period extension update
Amidst current events surrounding the Covid-19 pandemic, Securian Financial’s Individual Life Insurance Division established a grace period extension for individual life insurance policies. Policies that were set to lapse had their grace period extended as a courtesy to our policyholders and to comply with any state mandated leniency requirements.
Beginning mid-June 2020, notices will be sent to policyholders:
- Payment Notices: For those policies with no state guidelines, or state guidelines with specific end dates, payment notices will be sent that acknowledge the grace period has come to an end, the payment amount due, and the deadline by which to send the payment. If the payment is not received within the new payment period, the policy will terminate.
- Courtesy Notices: For those policies with state guidelines that currently do not have a specific end date, courtesy notices will be sent that acknowledge the payment requirement on the policy.
- Alternate Payment Arrangements: For those policies with state guidelines that required or encouraged insurers to provide payment plans, the notices include guidance for contacting us to discuss an alternate payment arrangement. An agreement will be made as to the amount and frequency of the payment arrangement, to be signed by the policyholder.
Notices will be sent on a weekly cadence, based on the expiration of any state mandated leniency requirements, and the date to which premiums were paid when the grace period extension was initiated. We anticipate notices will be sent into September 2020.
Contact Us
Questions?
Please call our Enterprise Contact Center at 1-800-643-5728.
Life insurance grace period extension update
#goldencareagent
#minnesotalife
#securian
