The ease of applying for and obtaining life insurance products during the pandemic has improved in recent weeks — and the process may be easier now than ever.
We know the insurance-buying community has a heightened interest in our products based on what we are seeing in the financial publications, LIMRA reports, as well as our call activity. We want to help agents like you direct your clients accordingly for their life insurance buying needs, by using the new accelerated underwriting (AU) processes.
AU programs are expanding, not contracting — and these expansions are likely to be with us more than just short-term. We have seen AU programs double in face amount availability, with many carriers making it possible for applicants ages up to 60 (and, at some carriers, higher) to obtain up to $5 million of death benefit in days, not weeks or months.
Although these programs vary by carrier, your clients have the ability to get coverage for all life product types, thanks to a variety of electronic tools used by the carriers, such as:
- Medical Information Bureau checks
- Prescription database checks
- Carrier proprietary scoring algorithms that include:
- Public records
- Credit information
- Motor vehicle histories
- Client interview transcripts
The AU approach may be new to more than just a few of agents — and I have a personal story to share.