How we are helping New York state customers

Governor Andrew Cuomo has issued an executive order and a corresponding emergency regulation has been issued by the New York Department of Financial Services (DFS) to assist New York life insurance consumers experiencing financial hardship as a result of the COVID-19 pandemic.

In accordance with Emergency Regulation 216 issued by DFS, Guardian will, effective immediately, do the following for our New York state customers currently facing financial hardship as a result of COVID-19

  • We will extend the policy premium grace period to 90 days for your New York group insurance policies - for example, premium due on 3/1/2020 would have the payment grace period extended to 6/1/2020.
  • We will allow you to pay overdue premiums currently in their grace period over a 12-month period if you did not make a timely premium payment due to financial hardship as a result of COVID-19. Download the premium deferment application form (PDF).
  • We will extend to 90 days any time limits to exercise rights or benefits that may apply to you or your members under your New York life insurance policy.
  • We will allow customers to voluntarily cancel an insurance policy in accordance with its terms.
  • We will not impose any late fee related to any late premium payment.
  • We will not notify credit reporting or debt collection agencies of late premium payments.
  • We will notify our insurance producers and any third-party administrators we do business with about these actions.

The extension of the grace period and rights noted above are currently in effect on a temporary basis, though they may be extended further by Executive Order. Please check the New York Department of Financial Services website for updates1.

If you have any questions, please:

For additional updates, please visit our resource center, which includes frequently asked questions about Guardian’s response to the COVID-19 pandemic.

Disclaimer

1

If you use premium financing for your policy, premium finance agencies are also required to provide similar relief in New York.

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