Underwriting in a Pandemic

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During my almost 30 years of managing  Etherington Generation’s Underwriting & Service desk we have seen many dramatic and positive advances.
Of course, just as technology develops even more improvements, the necessary financial , medical and privacy compliance regulations expand.
These latter requirements are designed to protect the vast majority of applicants for life insurance, disability income, critical illness and long term care protection from the negative impact of such threats as fraud and money laundering, which would if unchecked , only serve to diminish the cost benefit ratio of each offering.
My role puts me in between the carrier and the client and my licensing requires an oath to serve both honestly and forthrightly. Thus I can explain to the client perhaps the reason why the insurance companies are being insistent reference certain disclosure requirements and vice versa when the carrier’s underwriting department requires certain clarifications.
Naturally in this crisis we are seeing many clients reviewing their wills, powers of attorney, estate plans and also opting to adjust upwards their various coverages to offset asset valuation declines as they perhaps take prudent estate liquidity reviews for their families and businesses that had been delayed by the pace of pre pandemic life.
Thankfully the carriers have responded by making available accelerated underwriting measures such as  telephone application life insurance interviews depending upon age, of between $250k to $1M ; the utilization of electronic signatures; AI to identify whether lab work will be required as all face to face paramedicals are temporarily suspended and on a case by case basis, amounts in excess of $1M, if followed by a current attending physician’s statement.
Businesses are finding ways to continue to operate in these very strange times; we are delighted that both Etherington Generations and our industry have taken steps to support you should you feel the need to review your risk benefits.
Stay safe and be well.