Underwriting Among Early Effects Of COVID-19 On Life Insurance
May 6, 2020 by Susan Rupe
COVID-19 has had the biggest short-term effect on life insurance in two ways:
- Insurers extending grace periods for paying premiums.
- Placing a greater emphasis on accelerated underwriting.
Those were among the insights from Nancy Bennett, senior life fellow with the American Academy of Actuaries. Bennett was among the presenters at a recent webinar describing how COVID-19 will affect insurance and retirement plans. She spoke with InsuranceNewsNet on the pandemic’s short-term impact on policy management and underwriting.