Life insurance companies are adjusting to the reality of COVID 19
The life insurance industry is adapting quickly, not only in its daily commitment to its customers, but also in terms of the COVID distancing needs of those who want to buy life insurance. Every day, more companies change their business processes and, where possible, use technology to replace the personal contact that traditionally occurs in life insurance applications. On the plus side, this has made applying for life insurance much easier and faster than in the past.
Life insurance companies are strong and well funded and ready to do business for you in new and safer ways Beware of the reports this claim differently.
The new reality: accelerated underwriting
Accelerated underwriting, the application for life insurance without an exam and often without medical records have been in existence for only a few companies for years. Penn Mutual has had his ACE program for at least three years. All that is required is a simple application (electronic, of course) that is submitted to the company and a telephone interview that you can do as you please. If the information in the interview is checked in the online database of information, you will be approved for up to $ 2.5 million. For some years now, Sagicor has been offering immediate underwriting with the submission of an online application without the need for an interview.
Meanwhile, several other life insurance companies have developed similar programs to meet the needs of social distancing, self-isolation, and home ordering.
Accelerated underwriting requirements
Although the requirements vary from company to company, you can take advantage of the benefits sent to Principal Life agents to make your life (insurance) easier.
- Applicants must meet the Accelerated Underwriting Guidelines – Age Qualifications and Checklist (Checklist)
- Part B of the application must be completed by telephone /TeleApp Interview or online if necessary
- An applicant must have completed a full physical examination, including laboratories, with all results normal within the past 24 months
- The next step is for underwriting to review the application to determine if Digital Health Data or Human API can be used to underwrite the case. The client coordinates the ordering of this information – your office does not have to order
- When using the Human API, the client will contact customers directly for access to medical information. The FOC will be notified.
- Cases outside of these guidelines – Age 61+ – Underwriting will proactively review how we can advance these cases
- People who have traveled abroad or plan to travel abroad by plane or cruise ship will be postponed for 30 days after their return
- Individuals who have been tested or treated for COVID-19 must disclose this information on the application or supplement
A health declaration is required for all Applications on delivery.
The good news for you
What is now called accelerated underwriting was formerly called a “simplified problem”. Simplified life insurance was quick and easy and didn’t require testing, but it had one disadvantage. It would be far more expensive than what you would qualify for if you went through the traditional process with an exam. With today’s accelerated underwriting, even the best rate range and lowest prices are available if you qualify.
We all have a lot of questions today and I know that most of them are probably not about life insurance, but if you read this, life insurance is one of yours. If you or your grown-up children or grown-up grandchildren put off unsurpassed family protection in life insurance, you can take care of it today. The Hinerman Group updates our information on a daily basis about the life insurance companies that offer accelerated underwriting and those who make life insurance easier, even for serious health problems. If you have any questions or would like us to help you decide which company is best for you, call me or send me an email. I’m Ed Hinerman. Let’s talk.
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