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Press release

October 14, 2020

BRIGHT QUESTIONS: Extension of Grace Period (Bayanihan Act 2) v. 8 Oct 2020

Under the Bayanihan to Recover as One Act (Bayanihan 2), a one-time 60-day grace period will be extended for paying loans, including credit card payments. All in an effort to ease the burden brought about by the COVID-19 pandemic.

For more questions regarding your insurance policy and Bayanihan 2 act, kindly take a closer look below:

1.Is Sun Life covered by the Bayanihan to Recover as One Act (“Bayanihan 2”)?

Yes, Sun Life is covered since insurance companies are specifically mentioned in the Bayanihan 2.

2. Does the 60-day grace period under Bayanihan 2 apply to my premium payments?

Yes. A one-time grace period of 60 days will be applied to each Sun Life policy/pre-need plan with premium payment due from 15 September 2020 to 31 December 2020.

During the grace period, the affected policies/ pre-need plans will not be charged with overdue interest. The deferred premium becomes payable on or before the end of the 60-day grace period.

Example: If your due date is on September 25, 2020, the grace period for your premium payment will be until November 24, 2020. As such, payment must be made on or before November 24, 2020.

This 60-day grace period will not be on top of any grace period provision in your contract.

3. Does the 60-day grace period apply to policy advances?

No. A policy advance is not covered by Bayanihan 2 since it is not considered a commercial loan. It is only an advance on the cash value of the life insurance policy that you own. 

4. When will the 60-day grace period begin?

The 60-day grace period will begin from the payment due date falling on 15 September 2020 until 31 December 2020.

5. Do I need to request Sun Life to apply the grace period to my policy/pre-need plan?

No. The grace period will automatically be applied as long as the payment due date falls within the covered period.

6. If I receive a reminder notice even if my payment due date falls within the covered period, can I disregard the said reminder?

Yes, you may disregard the reminder notice for the meantime if your policy/pre-need plan is covered by the extension on grace period. Such notices are system-generated and are sent to clients regularly regardless of the situation.

7. Will the extension on grace period cover my policies currently enrolled under the

Auto-Debit Arrangement (ADA) or Auto-Charge Arrangement (ACA) payment facility?

If your policy is enrolled in ADA or ACA, the extended grace period will not be applied because the auto-payment arrangement is already in place.

However, you may still avail the 60-day grace period if you wish to. Simply send an email to requesting for the temporary suspension of your ADA/ACA enrollment and provide the date when debiting/charging will resume.