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Cover Advisors


COVID-19 Premium Relief Update

If you have been negatively impacted by the COVID-19 pandemic and would like temporary relief from paying insurance premiums, please call your insurance company and ask for help. Several major insurance companies have published guidelines, outlining the help that is available, and we believe that most insurance companies will offer similar relief upon request.

Below is a summary of what several major insurers in Canada are offering their clients. This information is relevant as of the date of publishing and it could change. We will update this list as more information becomes available.

Please note: Information pertaining to Manulife, Industrial Alliance and BMO Insurance came directly from their respective information releases. Information regarding Sun Life is anecdotal and based on our experience.


From now until June 30, 2020, for individual life and living benefit policies that were issued prior to March 1, 2020: Upon your request, due to financial hardship created by the coronavirus, Manulife will extend the grace period to 90 days for those products that have a grace period less than 90 days. Note that grace periods vary by product, but most are 30 days in length. If a product currently has a grace period longer than 90 days, as outlined in the contract, then the longer grace period will prevail. Note that this applies to both individually owned and corporately owned policies.

During the grace period, the policy continues to be inforce. (Policy benefits are available as long as the policy is in force).

Premiums are being deferred (not waived) and need to be paid by the premium payment date extension for a policy to continue. In the event a policy lapses after the expiration of the grace period, then a policy holder will have to reinstate their policy.
Manulife clients must make the request and prove hardship. You must confirm which of the following reasons apply:

  • illness/quarantine
  • a lay-off or job loss
  • absence from work due to fulfilling caregiver needs of a child or family member with COVID-19
  • other financial hardship as a result of COVID-19

Contact Manulife directly at 1.888.626.8543 for requests for a premium deferral

Industrial Alliance

Until May 31, 2020, clients can contact IA’s customer service, at 1.800.463.6236, to request a 90-day premium deferral. This support is available to clients, including business owners, who are experiencing financial hardship as a direct result from the COVID-19 pandemic due to any of the following:

  • illness/quarantine
  • layoff or job loss
  • absence from work to care for child(ren) or a family member with COVID-19

This offer is available to all holders of life, critical illness, disability, and accident insurance policies issued on or before March 15, 2020.

Sun Life

Sun Life is allowing for a deferral of premiums on a case-by-case basis. They have not published guidelines. We have direct experience with Sun Life working with a client to defer premium payments, given that the client is directly impacted by COVID 19. A senior case manager will interview the client on the phone and ask some basic questions to confirm the impact. The deferral is 90 days, and we assume that it would be the same in other cases.

If you are negatively impacted by the COVID 19 pandemic and would like to request a 90-day deferral of premiums with Sun Life, call Eric Houde at 1.800. 4786 Ext – 4608078.

BMO Insurance

We are introducing a Premium Deferral Program for eligible policyowners. How it works:

The program applies to BMO Insurance individual term life, whole life, universal life and critical illness policies. Policyowners may request a 90-day deferral of their premiums if they are experiencing financial hardship due to:

  • COVID-19 related illness or quarantine
  • Job loss (temporarily or permanently)
  • Unpaid leave of absence to take care of family member(s)
  • Business disruption

This temporary measure may be requested on policies issued on or before March 13, 2020.

To inquire about the Program, policyowners can contact our Client Services department by email ([email protected]) or phone 1.800.387.4483.

Cove is here for you

We are committed to helping our clients navigate these difficult times with as little stress as possible. Please call our office 1.888.783.5402 if you have any questions regarding your policies.

Contact Us

270-2255 Dollarton Highway
North Vancouver BC
V7H 3B1

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