Notice for New York State Residents

If you live in New York State, own a life insurance policy or an annuity contract from TIAA or TIAA Life, and you have been adversely impacted by the coronavirus (COVID-19), the following information may be relevant to you. If you would like to discuss billing or make alternative payment arrangements or if you have any questions about the below, please contact TIAA
at 855-400-4294.
A recent Executive Order issued by Governor Cuomo, together with a recent emergency regulation (the “regulation”) issued by the New York State Department of Financial Services (“Department”), extend grace periods and give you other rights under your life insurance policy, annuity contract or certificate if you can demonstrate financial hardship as a result of the novel coronavirus (“COVID‑19”) pandemic.
 
These grace periods and rights are currently in effect but are temporary, though they may be extended further. Please check the Department’s website for updates.  A copy of the Executive Order and the regulations are also available. 

Insurance Payments - Grace Period

If you can demonstrate financial hardship as a result of the COVID-19 pandemic, we must extend to 90 days the applicable grace period for the payment of premiums and fees under your life insurance policy, annuity contract or certificate.  If you do not make a timely premium payment and can demonstrate financial hardship as a result of the COVID-19 pandemic, we may not impose any late fees relating to the premium payment or report you to a credit reporting agency or a debt collection agency regarding such premium payment.

Catching up on Overdue Insurance Payments

The regulations also require us to permit you to pay the overdue premium over a 12-month period if you did not make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic and can still demonstrate financial hardship as a result of the COVID-19 pandemic. This also applies if we sent you a nonpayment cancellation notice prior to March 29, 2020.

How to Demonstrate Financial Hardship

If you are unable to make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic, you may submit to us, a statement that you swear or affirm in writing under penalty of perjury that you are experiencing financial hardship as a result of the COVID-19 pandemic, which we must accept as satisfactory proof. Such statement need not be notarized. If you wish to submit a hardship notice please contact us at 855-400-4294 and choose the prompt for New York State residents.

Questions

If you have any questions regarding your rights under the Executive Order or regulations, please contact us at 855-400-4294.
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