Information For AFGE Policyholders:
1. 99% of all Benefit Architects policies are going to be fine and will require NO actions on behalf of the AFGE member unless the shutdown exceeds 60 days. Even premium due letters can be safely ignored during the next 45-60 days because we have negotiated special considerations for AFGE policyholders.
2. The only type of letter that requires action from a member is a letter that states a policy has LAPSED. If an AFGE member receives a lapse letter we request they send a copy of the letter to Lapse@benefitarchitects.com and immediately contact the insurance carrier to explain they are impacted by the Partial Government Shutdown. We have a team here on our end that will take any of the policies that have lapsed and elevate the issue to the attention of top management with the respective insurance carrier. In the event the carrier is unable or unwilling to forgive the premium, the member will automatically become eligible for the BA Emergency Premium Relief Fund.
3. Finally, and probably most importantly, contact your 2 Senators and your Congressman daily about ending the government shutdown.
OPTIONAL DEPENDING ON PRODUCT:
If the policy is a Universal Life policy, we can calculate how long the policy will stay in force without any additional premium. A general rule of thumb is a UL policy that has been in force for one year, the policy will last an additional 6-8 months without any additional premium; a policy that has been in force for 5 years will last an additional 3 years without premiums.