Reb Yosef: Very helpful point. Does the CARE Act provision for deferring premiums with no penalty cover ALL forms of insurance and if so, for how long? I know that a number of insurance companies have offered to allow up to 60 or 90 day grace periods but I wasn’t aware that the statute mandated a blanket deferral for all life, health and P&C lines of coverage. Hopefully the statutory language is fairly broad and does not require individuals to affirmatively seek relief and demonstrate they have been adversely affected by the pandemic.
P.S. A number of auto insurance companies are reducing coverage premiums for 2-3 months since most of us are stuck at home with a rare driving trip to the supermarket. Some are even mailing our “refund” checks while others are crediting the amounts to remaining premiums due.
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