Some of you have asked us what insurance companies are doing to help their customers during the pandemic. While the situation remains fluid, insurers have begun rolling out various measures intended to help support their customers who may be suffering financially at this time.
We invite you to click on your insurer logo to access information regarding what your insurer has rolled out to assist.
Life Insurance
Personal Insurance considerations:
- Some insurers are offering immediate financial relief in the form of one-time discounts
- Payment deferrals & waiving of NSF fees for dishonored payments
- Willing to amend rating of auto insurance to reflect reduced vehicle usage
Commercial insurance considerations:
- Payment deferrals & waiving of NSF fees for dishonored payments
- Willingness to amend rating of auto insurance to reflect reduced vehicle usage
- Flexibility regarding the temporary vacancy of business premises and/or amending operations mid-term as clients pivot to new revenue models
- Most are offering to amend revenue forecasts and to reduce coverage where appropriate
- Will not cancel or non-renew during the declaration of emergency
Financial Product Considerations:
- Lowered underwriting requirements to obtain life insurance coverage. Our application process can be done online, or over the phone. No in-person visit required!
- Both life insurance companies, and group benefits carriers are offering payment deferrals and financial assistance