Life Insurance Application Procedures Changing Amid the Pandemic
June 9, 2020 by Tamara E. Holmes
While life insurance coverage is still widely available amid the COVID-19 pandemic, some insurers are adjusting certain processes to accommodate the new norms created by social distancing.
Life insurance applicants have traditionally been required to pass a physical exam to get a policy. However, the need for social distancing due to the pandemic has led some insurers to begin offering significant levels of coverage without an exam. That was one of the findings of a recent conversation ValuePenguin had with two life insurance brokers from The Robinson Financial Group, a financial services company based in Skokie, Ill.
That sentiment was underscored by a recent survey by LIMRA, a membership group for insurance and financial services organizations. LIMRA found that insurers were implementing ways to do business while cutting down on face-to-face interactions throughout the entire underwriting process.