We understand that, in these unprecedented times of the COVID-19 pandemic, that you may be experiencing financial hardships due to a loss of business, lay off, furlough or other business disruptions. To help ease your burden and provide greater flexibility for you in making premium payments, we are providing emergency grace periods for our New Jersey Dental and Life insurance policyholders who have suffered financial hardship due to COVID-19
You must contact us to take advantage of these emergency grace periods.
Are you a New York policyholder and experiencing financial hardship? Find out about your policy rights concerning the COVID-19 pandemic for life insurance policies and your DBL/PFL policies.
Emergency Grace Periods for NJ Dental Policyholders Experiencing Financial Hardship Due to COVID-19
If you are a New Jersey employer with a Dental policy in good standing as of March 1, 2020, then we will provide a 60-day grace period to pay your premiums. This grace period may be applied towards your April or May premium, and would continue for 60 calendar days from that date. Your unpaid premiums may be paid off over the remaining months of your policy period. But, you will not have less than 6 months to pay it off, even if you have less than 6 months left in your policy period.
So, for example, if there are 9 months left in your policy period, you would have 9 months to pay off your deferred premium payments. But, if you only had 3 months remaining on your policy, you will have 6 months for the deferred premium to be paid.
Emergency Grace Periods for NJ Life Policyholders Experiencing Financial Hardship Due to COVID-19
We will also be providing emergency grace periods for life insurance policies held by New Jersey employers with policies in good standing as of March 1, 2020. ShelterPoint will apply a 90-day grace period to pay insurance premiums. Policyholders may choose to have the 90-day grace period to begin retroactively on April 1, 2020, or opt for the period to begin May 1, 2020. Premiums not paid during the 90-day period may be paid over the course of the following year in up to 12 equal installments. We will also extend to 90 days the period to exercise policyholder and contract holder rights and benefits under the policy.
Additional Information for both Dental and Life Insurance Policyholders
During these emergency grace periods, ShelterPoint will not cancel your policy for nonpayment and will waive late payment fees that you may incur. These late payments will not be reported to credit reporting agencies. We will also continue paying claims during the emergency grace period. Please remember, if your business has suffered a financial hardship due to COVID-19, you must contact us to take advantage of the emergency grace period —it will not be automatically applied.
We are here to help support you during these trying times. For more information, or to request an extended grace period, please email: customerservice@shelterpoint.com.