LTC Grace and Lapse Period Changes

Oct 1, 2024

OneAmerica Financial - 2024 Caregiver Study Results

Never miss any update

Subscribe to the Planning Tips and Carrier News for Advisors newsletter today to receive updates on the latest news from our carriers.

Your privacy is important to us. We have developed a Privacy Policy that covers how we collect, use, disclose, transfer, and store your information.

Apr 22, 2020 • LTCI Partners

LTC Grace and Lapse Period Changes

Transamerica

LONG TERM CARE PRODUCT GRACE AND LAPSE PERIOD CHANGES

Amid the changes we're making to help agents conduct business during the COVID-19 pandemic, we've received guidance regarding how long we can extend grace and lapse periods for long term care policies.

We are extending premium payment due dates by an additional 30 or 60 days.* Customers have 90 days from the due date to pay premiums and keep their insurance coverage.

Customers should know:

•	Existing policy holders will receive a one-time mailing outlining this extension — please see the non-TFLICNY state-specific letter, and the TFLICNY New York letter for reference
•	They may have received a lapse notice before we could update our systems to automatically delay lapse notices by 90 days
•	Policies that would have lapsed on or after April 10, 2020, will receive their notice indicating they now have a 90-day grace period
•	Payments may not be skipped; all premiums due on the policy/certificate must be paid within the 90-day grace period to keep coverage in force