NADA – As COVID-19 presents persistent health and economic challenges, some good news is welcome. On that note, NADA Insurance announced 40-70% premium credits effective in April, 2020, for employee life, manager life and dealer group-life insurance products. New York Life Insurance Company (NYL) and the Trustee of the National Automobile Dealers Insurance Trust (NADIT), Newport Trust Company, have approved these credits based on favorable plan performance. They apply through 2021.
For dealers and managers, a 45% premium credit is available on Life and Accidental Death and Dismemberment (ADD) and a 40% credit on Level Premium 10-Year and 20-Year Term Life. Also, three programs offer a70% credit on insurance premiums. They include Employee Life and ADD; Employee/Spouse/Child Tiered Life and ADD; and Retirement Accumulation.
