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COVID -19 Underwriting & Insurance Market Update

COVID-19 Underwriting Update
Insurance companies implemented changes to their underwriting & business practices due to the COVID pandemic.  Some carriers have communicated that these changes will continue through September.  Please see below for a quick recap on the more common changes & practices. 

  • Accelerated underwriting is available for healthy clients, ages 18-60, up to $3 million of coverage. This allows clients to avoid the “in person” exam and usually required blood and urine testing.
  • Some insurers are allowing medical records to be used in lieu of exam/labs if an annual physical with labs has been done in last 12-24 months.
  • Some insurers are NOT accepting applications on clients ages 71+.
  • Some insurers are postponing rated clients with certain health conditions, in certain age groups.
  • Some insurers are NOT allowing applicants to bind coverage.
  • On-line application and e-policy delivery is becoming the trend.
  • Some insurers are mailing policies direct to clients.

Insurance Market Update

  • The LIMRA 2020 “Insurance Barometer” study is out.
  • In the last 10 years life and disability insurance market penetration is down over 14%.
  • As health insurance pricing rose, businesses cut life and disability employee benefits.
  • Long-term care insurance ownership is higher today than 10 years ago.
  • The “need gap” continues to rise.

Launch the following link to learn more 2020 LIMRA Study Highlights

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