New Yorkers facing financial hardships related to the coronavirus will be able to defer life insurance payments for 90 days, Gov. Andrew Cuomo announced.
The Life Insurance Council of New York, representing more than 80 percent of the state’s life insurance industry, agreed to the 90-day payment deferrals. Consumers will have one year to make up any missed payments.
Consumers and small businesses will be able to get 60-day deferrals on property and casualty premiums if they are facing financial problems related to Covid-19.
The property and casualty insurance deferrals would apply to auto, homeowners, renters, workers compensation, medical malpractice livery and taxi policies, Cuomo said.