If you have short of money due to the trending COVID-19, you may have insurance companies being very low on your list of concerns.
Instead of declining the payment of your bills due to hardship, be smart to contact your insurer because insurance companies are nowadays willing to work with clients or customers facing financial hardship.
Some state departments that oversee the ethics of insurance companies are encouraging them to temporarily consider doing one or more of the following:
- Not charge late fees or other penalties.
- Create flexible payment plans.
- Pause policy cancellations for nonpayment.
They have also advised insurance firms to give a grace period of 30 days after payment is due. This will enable clients to pay and not lose coverage.
Erin Ardleigh, founder of Dynama Insurance, an independent brokerage based in New York City said: “It’s important to call the insurance company, explain the situation and see if they can provide any type of relief. Ask if there is an option other than canceling your coverage.”