Recent amendments to insurance and banking regulations extend grace periods and give you other rights under your life insurance policy or annuity contract 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. For more information, please visit the Penn Mutual site for COVID-19 news and updates for policyholders.
At Penn Mutual, our policyholders appreciate our efforts to stay connected and provide relevant information that reflects our sensitivity to the challenges they are facing. Last month, we communicated that we are offering payment flexibility to our policyholders directly impacted by COVID-19 including:
- Extending grace periods for premium payments
- Not charging late fees, and
- Allowing for up to 12 months to pay any missed premiums.
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