COVID-19 Vaccines Are Here! Isn't It Time to Open Up Underwriting?!?

COVID-19 Vaccines Are Here!    Isn't It Time to Open Up Underwriting?!?
This is a question a number of carriers are being asked today.  Roughly a year ago with the onset of the pandemic a majority of carriers introduced underwriting restrictions to deal with COVID's potential impact on various age groups, and especially those age 65 and older with comorbid health conditions (see COVID-19! What Have You Done to Underwriting?). Since then carriers have learned a lot about COVID and its effect on mortality.  Discussions with several carriers indicate that their mortality impact is mostly in the 75 and up age groups and with insureds whose policies have been...
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New and Enhanced Underwriting Tools Impacting Your Cases Today

New and Enhanced Underwriting Tools Impacting Your Cases Today
Several underwriting tools have been adopted by carriers to issue coverage faster, in many cases without the need for insurance exams or requirements such as a traditional APS.  Some of these tools are new, while others have been in use previously, but have recently been enhanced to streamline the underwriting process. These tools often impact cases that run through an accelerated or streamlined underwriting process (for purposes of this blog, we will refer to such processes as "expedited underwriting"), and may also impact cases that follow a more traditional underwriting path. Informati...
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Underwriting Enhancements & Case Design Tips to Help You Sell in the Foreign National Market

Underwriting Enhancements & Case Design Tips to Help You Sell in the Foreign National Market
"I haven't been everywhere, but it's on my list" - Susan Sontag High net worth individuals and families exist all over the world.  In today's global economy, you probably have clients with friends or relatives living abroad who are looking to buy life insurance from U.S. based companies. Whether for business planning, wealth transfer, legacy planning, wealth accumulation or family protection, many foreign nationals are motivated by having monies outside their country of residence.  They desire the stability of US dollar denominated coverage, asset diversification and protection again...
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A Harbinger of Things to Come in Other States?

A Harbinger of Things to Come in Other States?
  Algorithmic and Predictive (aka Accelerated) Underwriting Hits a Speed Bump in New York In January of this year, the New York Department of Financial Services (DFS) issued an Insurance Circular Letter on the Use of External Consumer Data and Information Sources in Underwriting for Life Insurance.  According to the DFS, the purpose of the Letter was "to advise insurers authorized to write life insurance in New York of their statutory obligations regarding the use of external data and information sources in underwriting for life insurance." While on the surface this seems like a rath...
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What Are Underwriting Pros Talking About Today?

What Are Underwriting Pros Talking About Today?
Throughout my career I've had the good fortune to be associated with a number of individuals and organizations that move and shake the life insurance underwriting profession. They include many industry thought-leaders – among them are chief underwriters, actuaries, medical directors, reinsurance leaders, insurance lab and exam leaders, data providers and others. They represent a wealth of knowledge and insight about the state of the underwriting profession, always looking towards what's impacting the industry today and what they expect to impact the industry tomorrow.  So what's at the to...
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Hepatitis C - An Underwriting Niche with Tremendous Sales Possibilities!

Hepatitis C - An  Underwriting Niche with Tremendous Sales Possibilities!
Historically, there have been very few underwriting niches that truly provided expansive new sales opportunities. Life insurance companies have sometimes, often accidentally, discovered market segments that were being assessed based on outdated actuarial data or medical information, and tried to target those segments with more aggressive underwriting offers. But mostly, when I have come across various intriguing niches over the years, many are too narrow in scope and not all that significant in terms of the potential market size.   But recently, I discovered what I think is an exception. ...
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