Nothing about the last few weeks has been normal. We have all been impacted by the recent events centered around the coronavirus (COVID-19). Our hearts go out to anyone who is ill or has an ill family member. To help our policyholders during this difficult time, NGL is temporarily extending our policy lapse grace period to 120 days from 60 days.
What does a 120-day grace period mean?
We understand there is a lot of uncertainty right now, and NGL doesn’t want to add additional stress on you if you are experiencing financial concerns. If NGL administers your policy (Preneed, AssetGuard, insurance products NGL acquired or that is no longer actively sold) it will not lapse due to non-payment until 120 days past due. If you had a policy that lapsed in the last week, it will be reinstated due to this change. You will receive a notice of your policy reinstatement in the mail and your agent will receive a copy of the notice when they login to our agent portal.
How long will the 120-day grace period last?
We will continue to have the 120-day grace period as long as the coronavirus situation continues to evolve. NGL will continue to closely monitor the situation and requirements on a state by state basis and make adjustments as needed.
When the time comes, we will be reviewing the process on how to best return to our normal lapse practice of 60 days, while also keeping your financial interest in mind.
We’re here for you
NGL is a strong and reliable partner that you can count on. We hope this provides you some peace of mind during this unprecedented time. We’re all in this together. Stay safe and healthy!
For more information on NGL, visit us at www.nglic.com.