Many people are increasingly concerned about their life insurance right now. We are getting a lot of questions, from “how do I get through the underwriting process under these circumstances?” to “I need more time to make my next payment” and more. We can help. Here are four things that can help you now:
(1) Immediate coverage while your application is going through the underwriting process.
You don’t have to wait for the underwriting to be completed before you get covered. This is particularly valuable right now, because sometimes our underwriting partners need to speak with your doctor, but many doctors rightfully have their hands full addressing the coronavirus pandemic. Another holdup can be if our underwriter determines they need to send a nurse out to your house to perform a brief paramedical exam, but many people very understandably don’t want a stranger in their house right now.
A Temporary Insurance Application and Agreement (TIAA) solves this by providing up to $1,000,000 of life insurance coverage immediately, bridging the gap while the underwriting process is taking place.
To be eligible, you must:
- Be younger than 71 years old.
- Have had no admissions to a hospital or other licensed healthcare facility, no surgeries performed or recommended, or been medically advised to have any diagnostic tests, over the past 90 days.
- Have had no diagnoses or treatments for heart disease, stroke, cancer, alcohol or drug dependence, or insulin dependent diabetes, over the past 5 years.
The key is that the TIAA application must be submitted before your insurance application is submitted. If you are looking to purchase life insurance and would be interested in TIAA, please contact us now.
(2) New temporary underwriting workarounds.
Given the current difficulties surrounding obtaining medical records and conducting exams, our underwriting partners have implemented temporary workarounds to complete their work without them. They are reviewing every application individually, but here are some general guidelines for who may be eligible:
| Age | Max Total Line Coverage | Last Physician Visit Within |
| 20-50 | $2,000,000 | 24 Months |
| 51-60 | $1,000,000 | 18 Months |
| 61-65 | $1,000,000 | 12 Months |
| 66-70 | $500,000 | 6 Months |
(3) Grace periods for premium payments have been extended to 90 days.
If you are experiencing hardship, please reach out to us.
(4) Resources to help you make more informed decisions.
Life insurance was already incredibly confusing and overly complicated and has become even more so with the emergence of COVID-19 here in the US. Our blog has tons of articles to help you, but here are three that are especially relevant now:
- Coronavirus and Life Insurance: What You Need to Know
- The Difference Between Medical and Non-Medical Insurance
- Life Insurance Buyer’s Guide
Bottom line – everyone’s situation is unique and we are here for you. Contact us now if you need help.
