COVID-19 has changed so much in our world today. So, how has COVID-19 impacted underwriting for Americans these days?
Some life insurance carriers have recently placed restrictions on coverage for certain clients. For example, onelife insurance company recently postponed any proposed coverage for individuals aged 70 or older. Those aged 60 to 69, who are rated, are being delayed at this time. Other companies are postponing older clients and those with impairments that make them more susceptible to COVID-19, such as heart disease and chronic respiratory disease.
These trends are making it very difficult to navigate to the best choices for life insurance underwriting. It’s best to work with an experienced advisor to find the best carrier company and policy available to you, as the options are thankfully still plentiful.
Many companies are now moving towards a “fluidless” underwriting process. This is to avoid requiring a paramedic to enter a person’s home and potentially expose them to COVID-19. It is becoming easier than ever to find a company using no-touch resources and fluidless testing to underwrite and approve your case. (Source: ThinkAdvisor.com)
What is “Fluidless” Underwriting?
COVID-19 impacted underwriting clearly as seen in the increase in fluidless testing. The goal of fluidless underwriting is not to underwrite insurance policies without blood or urine. The goal is first to be able to determine when blood and urine will add necessary protective value for the underwriting process. The second goal is to use less invasive and more consumer-centric methods of gathering blood and urine test results when they are needed for underwriting. This is particularly important during this time of heightened caution where there is a need to minimize the in-person contact required to complete the underwriting process.
If you have questions about the underwriting process – whether it is safe and if there are policies available for you — please schedule an appointment with one of our professional advisors at the Ziff Agency. We’d be happy to help you because we know COVID-19 impacted underwriting and how.