Continuing to help Clients during the COVID-19 pandemic - 90-day payment deferral repayment program

 

In March, we announced a 90-day payment deferral to help Clients suffering financial hardship due to the pandemic.  Clients with life and health insurance policies (except Personal Health Insurance) issued on or before March 15, 2020 are eligible.  The deferral program is in place until May 31, 2020. 

 

We want to help Clients manage their repayments in a way that’s easier on their budgets.  

 

Most Clients who are eligible for the deferral program will have their repayments spread over 12 months, instead of one lump sum. This will be interest free. There’s no action you or these Clients need to take to set this up. We’ll send them a letter in advance to let them know what they owe and what their new monthly payments will be.

 

·       Term, permanent and critical illness insurance Client letter

·       Universal life insurance Client letter 

 

Supporting you:

 

We’ve created a new team to help Clients with repayment exceptions. We hope our 12-month repayment solution will work for most Clients. However, if a Client needs an exception, you can contact the team at 1-888-999-2068, after June 1, 2020. 

 

For example, if a Client was paying annually and wants to repay the entire amount, we can do this as an exception. If you have a Client that needs to apply for a 90-day premium deferral after May 31, 2020, we can also look into this as a possible exception.

 

More details on the 90-day premium deferral repayment are available in this FAQ. We’ll continue to update this FAQ on a regular basis.