Life Insurance in the age of COVID-19

Life Insurance in the age of COVID-19

As everyone is adjusting to the new normal of working from home, we have all had to make adjustments for some that is easier said than done. Is it ok to conduct online meetings in your sweatpants? What is the etiquette around “sharing your screen”? 

Working in an industry primarily been done face to face has meant adapting how we communicate to people about life insurance options. The good news is we were already heading into a new trend of helping people get life insurance over the phone and internet, this just helped catapult us further into the world of helping people purchase life insurance with the assistance of technology. A lot of people are getting more familiar with online video conferencing which makes life more efficient in a lot of ways. It is likely the corona virus will alter traditional ways of how people purchase products and services.  

Life insurance companies have recently made changes to their underwriting guidelines and are still accepting life insurance applications. COVID-19 caused insurance companies to adjust how they operate and underwrite life insurance policies. Insurance companies are having more flexibility around underwriting requirements in certain areas doing whatever they can in order to fairly offer life insurance to people in the marketplace. Normally insurance company’s underwriters might ask for medical records to assess certain risks, but we have seen some companies make exceptions without having to obtain those records. 

Until there is a vaccination for COVID-19, people with the following underlying health conditions will most likely be declined: 

  • heart disease 
  • significant cancer in the last 10 years 
  • diabetes 
  • pulmonary disease (COPD, asthma, etc.) 
  • autoimmune or immunosuppressive disease 
  • medications that causes immunosuppression (biologic, prednisone/steroid, methotrexate, etc.)
  • international travel is an automatic postponement until you have been back in the US for 30 days 
  • anyone with COVID-19 would be postponed until cleared by a doctor and the life insurance underwriter would want to review the medical records  

Life insurance companies are actively monitoring the changing environment and sometimes have to make changes weekly, but their goal is the same as ours, to help people get the correct amount of life insurance. If you need help getting life insurance during these unprecedented COVID-19 times, schedule a meeting online at www.pacificinsurancegroup.com or call our Bellevue Washington office directly at 425-246-4222, we are still answering the phone from our home.

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