Life insurance companies may decide to charge higher rates or even temporarily suspend sales due to uncertainties surrounding the spread of COVID-19
The financial markets and low interest rates are also roiling life insurance companies, which have substantial investments. ... [+]So what’s a life insurance company to do in the face of COVID-19? Right now, in a growing number of cases, they’re asking more questions and hitting the pause button on some applications to buy themselves time. Trying to Get Doctors’ RecordsIt’s standard for life insurers to request medical records from your doctors.
Rules might start to tighten even further. Pacific Life, for example, won’t consider any applicant who intends to travel, has returned from international travel, or has had a member of their household return from international travel. Life insurers are assessing their guidelines constantly as the situation evolves. New questions about COVID-19 are making their way into the application process.
“As life companies out of necessity seek to protect themselves from potential adverse selection, we expect carriers to implement underwriting procedures designed to identify applicants who have either contracted or been exposed to the COVID-19 virus,” says Thomas Rosendale, a director with A.M. Best who follows the life and health insurance industries.
“We’re kinda being forced into recommending a shorter term no-exam [policy], such as 10 years, with the thought of getting a lower cost exam-required plan at a later date,” says Bland., including instant life insurance, with a range of pricing. Younger and healthier applicants tend to qualify for these policies. But taking a life insurance medical exam has typically been the pathway to the best rates.
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