Amid current events, Securian Financial’s Individual Life Insurance Division has enacted the following grace period extension for individual life insurance policies:
- Policies that were set to lapse between March 4, 2020, and June 1, 2020, will have their grace period extended by 60 days, or until the end of the state-mandated leniency period, if later.
- Policies that lapsed between March 4 and March 31, 2020, are currently being reviewed to extend their grace period.
- Securian Financial will automatically stop policies from lapsing. A request to your in-force team is not needed from you, as this will be automatically applied.
It is important to note that we are not waiving premium payments. Premium notices will continue to be mailed out, policy charges will still accrue, and we will still accept premium payments. Furthermore, individuals who are otherwise facing financial hardship during the COVID-19 crisis are encouraged to contact Securian Financial to discuss payment options. We will continue to monitor this program and may adjust it over time to ensure state requests are met.