As we've seen a spike in rejected applications, we'd like to remind our agent partners of our temporary COVID-19 (coronavirus) underwriting policies that are currently in effect. These policies impact the maximum age that we'll issue some products and prevents some clients with certain health conditions from being offered insurance.
To ensure you are submitting business that will not be rejected, please carefully review these policies. We appreciate your understanding in these unprecedented times!
Currently In Effect:
- A pre-application questionnaire must be completed and submitted with an application for Simplified Solution, One Solution, or any fully underwritten life insurance certificate.
- If “Yes” is selected for any answer, the application SHOULD NOT be submitted for 30 days.
- Certain life insurance applications are temporarily postponed
- Applications are postponed for any applicants 75 years of age and older. (We will accept applicants 74 years and 364 days old.)
- For applicants ages 65 and over, if there is a history of cardiovascular disease, any lung disease (including COPD and asthma), or diabetes.
- For fully underwritten applications we will consider using an attending physician statement in lieu of a current paramedical exam and labs. Requirements:
- Restricted to clients age 60 and below and face amounts of $100,000 or less.
- The client must have had a physical exam and labs with their physician within the past six months.
- Statement of Good Health required on delivery of the certificate.
What Does This Mean To Me?
- If your clients fall into these categories, Guaranteed Issue is still a viable option.
- If you are utilizing virtual sales, the COVID-19 Attestation Form can be submitted via secure email with the Identity Attestation Form.
- For Fully Underwritten applications, we are giving you more flexibility to use physician statements for certain applications in this time where face-to-face interactions should be limited.
We appreciate your compliance with these new underwriting policies and will be in communication as we reevaluate and when these restrictions are lifted.
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