COVID-19 Protections for insurance policy and annuity contract holders

Many people across the nation are experiencing challenges related to the COVID-19 pandemic. Helping our clients navigate these unprecedented times is our top priority.

RiverSource is following state directives to provide certain protections to policyholders who are able to demonstrate financial hardship as a result of the COVID-19 pandemic and will work with those impacted to help support clients during this time.

If you have questions about your state’s directives or need additional time to make your payment and would like to better understand the options available to you, please contact a RiverSource client service representative at 1-800-862-7919 (National) or 1-800-541-2251 (New York) for assistance.

For more details on the directives from the following states, please see the information below.

NEW JERSEY:

The New Jersey Department of Banking and Insurance has adopted temporary regulations to provide certain protections to policyholders who are in good standing (policy is paid through March 1, 2020) and are able to demonstrate financial hardship as a result of the COVID-19 pandemic. For life insurance and annuity policies, this includes allowing the policyholder to opt for a one-time 90-day grace period on premium due dates, if needed. For more information, refer to the letter that was sent to all New Jersey resident life insurance and annuity policyholders. Policyholders that need assistance should contact us by May 31, 2020 for support.

For disability income and long-term care policyholders, the protections include allowing the policyholder to have a one-time 60-day grace period. The grace period must begin while these protections are in effect. For more information, refer to the letter that was sent to New Jersey resident disability income and long-term care policyholders.

NEW YORK:

New York has amended regulations to provide certain protections to policyholders who are able to demonstrate financial hardship as a result of the COVID-19 pandemic. This includes a 90-day grace period to exercise certain/other rights or benefits of the insurance or annuity contract. The amendment also provides a 90-day grace period for premium payments and other options for paying your premium payment after the 90 days, if needed. For more information, refer to the letter that was sent to all New York resident policyholders. Policyholders that need assistance should contact us by July 6, 2020 for support.

WASHINGTON, DC:

The DC Department of Insurance, Securities and Banking issued an emergency order to provide certain protections to policyholders who are able to demonstrate financial hardship as a result of the COVID-19 pandemic for policies in effect as of April 27, 2020. This includes providing policyholders flexibility with required premium payments and freezing cancellations that might have otherwise occurred due to non-payment of premiums through the duration of the DC Public Health Emergency.

Questions? We’re here to help.

If you have questions or need assistance, please contact a RiverSource client service representative at 1-800-862-7919 (National) or 1-800-541-2251 (New York).

  

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This information is for a general audience and is not intended to address individual financial situations or needs. RiverSource Life Insurance Company/RiverSource Life Insurance Co. of New York does not provide investment advice.

Annuity and insurance products are issued by RiverSource Life Insurance Company, Minneapolis, Minnesota, and in New York only, by RiverSource Life Insurance Co. of New York, Albany, New York. Variable products are distributed by RiverSource Distributors Inc., Minneapolis, Minnesota.