Lumico remains committed to our customers during these difficult times. We are pleased to advise on the accommodations Lumico is taking to ensure you maintain your insurance coverage. To assist our policyholders during this public health emergency, Lumico implemented the following measures:
- Allowing continuance insurance coverage by extending grace periods. Please note: this extension period is in accordance with state-specific requirements and is subject to modification depending on the ever-changing landscape relating to the COVID-19 pandemic.
- Waiving any fees, interest, penalties, or other charges relating to an insured's temporary inability to submit premium payments.
- Providing policyholders with various repayment options.
For New Jersey policyholders who are experiencing financial hardship due to COVID-19 and are in good standing with us on March 1, 2020, we will:
- Provide you with at least a 90-day grace period to pay your premium. You may elect this 90-day emergency grace period to begin retroactively on April 1, 2020, or opt for the grace period to begin on May 1, 2020. During this extended grace period, we cannot cancel your policy or contract for nonpayment of premium.
- Waive late payment fees otherwise due, including any interest, and not report late payments to credit rating agencies during the 90-day period.
- Allow premiums due but not paid during the 90-day period to be paid over the course of 12 months in equal installments if lump sum payment is not feasible.
- Extend to 90 days the period to exercise your rights and benefits under the policy or contract.
For Delaware policyholders who are experiencing a financial hardship due to COVID-19, and have past-due premiums from March 25, 2020 through July 1, 2020, the following options are available to address past-due premiums:
- Pay all past-due premiums without fees, penalties or interest; or
- Pay back due premiums in equal installments over a 12-month period without fees, penalties or interest; or
- Deduct the current past-due premiums without fees, penalties or interest from the death benefit proceeds.
We will not require proof of financial hardship due to COVID-19. If you select the option to "pay back due premiums in equal installments over a 12-month period," we will not cancel the policy while you are actively repaying past-due premiums in accordance with the terms of the policyholder's repayment plan.
If you are struggling to maintain your insurance coverage, we are here to help. Please reach out to our customer service team (contact information below) to discuss what options are available to you.