It has been a tough couple of weeks learning this new normal, but we are pushing through and we are all here to help.
The interest in life insurance is still quite high, especially with the concern about COVID-19. At this point carriers have made limited changes to their underwriting process, mostly concerning foreign travel.
The largest change has come with paramed exams. Exams are being delayed or cancelled by clients, concerned about exposure to new people. Exam companies are also making changes, saying that examiners will only come if your client does not show any symptoms of illness.
The good news is that we are set up to offer life insurance for your clients without the need for a paramed exam. You can apply with “drop ticket” application, or iGO electronic apps so that you and your clients can talk through the application remotely. The following products are available with electronic applications and no exam. Let me know how I can help!
– SBLI/Centrian – All term and Par Whole Life products for clients ages 18-50 up to $500,000
– Pacific Life – All Term and Universal Life products for clients ages 51-69 up to $1,000,000. This process requires your client to have had a full physical with lab work in the last year
– United of Omaha – Express Life insurance products – Simplified issue underwriting. Only underwriting are medical questions on the application. Comes with a cost. To Guarantee no exam or APS, the premium is often twice that of a fully underwritten product.
– Term Life – 18-50: $25,000 – $300,000 51-60: $25,000 – $250,000 61-70: $25,000 – $150,000 – Guaranteed UL – 18-50: $25,000 – $300,000 51-65: $25,000 – $250,000 – Whole Life – 45-85: Level Benefit $2,000 – $40,000 45-80: Graded Beneift $2,000 – $20,000