How has the insurance industry changed to adapt to the coronavirus? Carriers have placed restrictions on coverage for some clients.
One carrier recently postponed any proposed insureds age 70 and over. Those aged 60 to 69, who are rated, are being delayed at this time. Some carriers are postponing older clients, as well as those with impairments that make them more susceptible to COVID-19, such as heart disease and chronic respiratory disease.
However, positive changes have developed in the life insurance industry. Carriers have responded by moving towards a “fluid-less” underwriting process. This was done to avoid having a paramedical enter a person’s home and potentially open them to exposure to COVID-19. Carriers will use other no-touch resources to underwrite and approve cases.
Here are three examples of insurance companies that have changed to allow for a more streamlined underwriting process.