Lapse moratorium. This could get painful.

[WinoBlues]

""
The COVID-19 moratorium on policy lapses was lifted in most states on July 6th, when we began mailing notices to policyholders with unpaid premiums. As a result of the change in status for affected policies, you may be seeing chargeback activity on your commission statement. We are here to help you and your clients get back on track.

If your commission statement shows chargeback activity as a result of the lapse processing, we will be happy to set up a debt plan for you. Due to the increased call volume at this time, we encourage you to email the Commissions Team at [email protected] to request a debt plan, rather than calling. Emailing us will save you time and will allow us to more quickly assist your clients by phone.

We are offering several payment options to help policyholders keep their valuable coverage.

• Clients may pay the entire back premium by credit card, faxed or mailed check, or by ACH direct debit. Please contact Premium Administration at 800-423-9765, extension *5907 regarding these types of payments.
• If the client is unable to pay the entire back premium, we will offer an interest-free payment plan. Clients who are interested in a payment plan can call 800-423-9765, extension *5975 or email [email protected].

How payment of back premiums will affect chargebacks:

• If a client pays the entire back premium, the associated commission chargeback will be reversed.
• For clients on a payment plan, chargebacks will be reversed as each full modal premium is repaid. For example, if a client owes two months in back premiums and has a four-month payment plan (paying half the modal premium each month), chargeback reversals will occur after the second month and the fourth month, as each full premium is recovered.

Please encourage your affected clients to take advantage of our payment options to keep their policy in full force.""

 

[billyb]

So far I have only had 1 client contact me about not being able to pay. He has worked for Waste Management for years usually 60 hours a week or more and they cut his hours drastically. I don't understand why because garbage still has to be collected.

 

[WinoBlues]

I don't believe I have any. However, who knows.

 

[Tahoe Ray]

I don't believe I have any. However, who knows.

I've had one but they just paid a few weeks ago and are all caught up.

 

[Life Hawk]

None that I am aware of. But I will not hesitate to replace what falls off... the up side to the down side.

 

[pfg1]

I have one client that has 3 policies in her family in lapse right now. This was not due to covid. It was due to her quitting her job in mid April over a disagreement with a boss before getting another one, and not having saved an emergency fund like she should have. I don't have any due to covid that I know of.