Hartford Financial Services Group says it has eliminated requirements for medical examinations and tests for many life insurance applicants.
The initiative is part of a company plan to make it easier to buy life insurance, says Chris Graham, vice president and chief underwriter for the Hartford’s individual life division.
Under certain conditions, company underwriters will rely on applicants’ histories of treatments with prescription drugs instead of reports from applicants’ physicians.
The new guideline applies to applicants age 40 or younger applying for $2 million in death benefits or less and to those ages 41 to 60 seeking up to $1 million in benefits.
Older clients could skip medical tests if they can provide a favorable report from their regular physician, the Hartford says.
Other changes announced by the company:
==Making standard premium rates more widely available to applicants who in the past may have been classified as substandard risks; and
==Allowing customers who bought life insurance within the previous two years to buy additional coverage without the need for medical exams or tests.
Instead of an attending physician’s statement, the company will instead ask to see the applicant’s history of taking prescription drugs by checking a pharmacy database. It would ask for an APS only if the applicant is taking prescriptions for a significant medical condition, the company says.