Skip to main content

Special Notice for New York Life Insurance Policies

If you would like to discuss billing or make alternative payment arrangements or if you have any questions about the below, please contact us at 844-894-4228.

A recent Executive Order issued by New York Governor Cuomo, together with recent amendments to the insurance and banking regulations (the “regulations”) issued by the New York State Department of Financial Services (“Department”), extend grace periods and give you other rights under your life insurance policy if you can demonstrate financial hardship as a result of the novel coronavirus (“COVID‑19”) pandemic. These grace periods and rights are currently in effect but are temporary, though they may be extended further. Please check the Department’s website for updates.

Insurance payments - grace period

If you can demonstrate financial hardship as a result of the COVID-19 pandemic, we must extend to 90 days from the original due date the applicable grace period for the payment of premiums and fees under your life insurance policy. If you do not make a timely premium payment and can demonstrate financial hardship as a result of the COVID-19 pandemic, we may not impose any late fees relating to the premium payment or report you to a credit reporting agency or a debt collection agency regarding such premium payment.

Catching up on overdue insurance payments

The regulations also require us to permit you to pay the overdue premium over a 12-month period if you did not make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic and can still demonstrate financial hardship as a result of the COVID-19 pandemic. This also applies if we sent you a lapse notice prior to March 29, 2020.

How to demonstrate financial hardship

If you are unable to make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic, you may call us to discuss your situation.

Questions?

If you have any questions regarding your rights under the Executive Order or regulations, please contact us at 800-242-6422.