COVID-19 has certainly changed our personal daily way of life, from social distancing to face coverings and “drive-by” celebrations. Businesses have also learned to adapt to new ways of doing business.
The same is true for life insurance underwriting. Carriers have had to adjust their medical guidelines accordingly. They have also adopted ways to make it easier to get through the underwriting process, such as no-exam and accelerated underwriting programs or ways to minimize the need for medical records.
Here is some information to consider when submitting an application:
- COVID-19 illness or exposure – Carriers have imposed postpone periods in instances where the applicant has been diagnosed with COVID or has had known exposure to the virus. Specific COVID-related underwriting questions may be required prior to policies being issued.
- Travel – Postpone periods may apply on recent or future-planned international travel depending on the destination. Guidelines vary by carrier.
- Health conditions – Certain medical conditions and diagnoses may not be eligible during COVID-19, such as respiratory disorders, cancer histories, diabetes and heart disease.
- Age restrictions – For older age applicants, some carriers have an automatic postpone period at age 70 and up. In addition, rate class restrictions may be imposed for certain ages. For example, over age 65 must qualify for no greater than Table B.
COVID -19 guidelines vary widely by carrier. We encourage you to contact our Underwriting Team with any questions you may have regarding eligibility in any of these categories. We are here to help you find solutions to placing business during this time of transition.