AXA Financial Extends Grace Periods On Policies

Four AXA Financial insurers have relaxed the premium payment grace period for life, health and disability policyholders throughout Florida, U.S. Virgin Islands and Puerto Rico in the wake of hurricanes Irma and Maria.

Premium payments toward contracts underwritten by AXA Equitable Life, .(formerly The Equitable Life Assurance Society of the U.S.), AXA Equitable Life and Annuity Co. (formerly The Equitable of Colorado), MONY Life and U.S. Financial Life are eligible for the grace period, AXA said in a news release.

Policyholders with contracts issued by the four companies are advised to contact their financial advisor or call 1-888-AXA-INFO between 8 a.m. to 5 p.m. EDT, or email [email protected].

For non-payment of life, health and disability premiums under a grace period expiring from Sept. 6, to Nov. 13, the grace period has been extended until Nov. 14, for people living in Florida and the two U.S. Caribbean territories.

Waiver for Employer-Sponsored Annuities

Clients with an employer-sponsored annuity residing in an affected area who have outstanding loan payments due between Sept. 6, and Nov. 13, will not default as a “deemed distribution” until Nov. 14.

“All claims that occur from the storms will be given prompt attention,” AXA said in a news release. “On an individual claim basis, every effort will be made to limit the needed requirements to expedite the disbursement of funds.”

On Wednesday, Sept. 6, Hurricane Irma brushed just north of the U.S. Virgin Islands and Puerto Rico as a Category 5 storm before heading up the west coast of Florida and breaking down over Georgia and Alabama.

News reports described the damage to the U.S. Virgin Islands as “catastrophic,” and Puerto Rico also suffered heavy damage.

But just days after Hurricane Irma was finally downgraded to a tropical storm over the continental U.S., Hurricane Maria tracked south of the U.S. Virgin Islands before slamming into Puerto Rico, home to 3.4 million people, on Sept. 20.

Hurricane Maria killed at least 34 people in Puerto Rico though the unofficial death toll is believed to be much higher as the island faces a humanitarian crisis.

The storm also knocked out power to the entire island and emergency officials expect it will take months for the island to recover.

Period Extended For Harvey Victims

In a separate announcement on Aug. 30, AXA extended the grace period for policyholders affected by Hurricane Harvey in counties declared disaster areas by the states of Texas and Louisiana.

The grace period, which applies to policyholders with the same four companies listed above, has been extended to Oct. 31, for the cancellation/non-renewal of policies for non-payment of premiums for life, health and disability income policies due between Aug. 25 and Oct. 30.

An extension isn’t automatic, however, and policyholders must request it from their insurance carrier by calling 1-888-AXA-INFO or emailing [email protected]

Hurricane Harvey made landfall Aug. 25 as a Category 4 storm and dumped record rains on Houston and parts of southern Texas.

InsuranceNewsNet Senior Writer Cyril Tuohy has covered the financial services industry for more than 15 years. Cyril may be reached at [email protected].

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Cyril Tuohy is a writer based in Pennsylvania. He has covered the financial services industry for more than 15 years. He can be reached at [email protected].