Post Pandemic Life Insurance Buying Process

The current pandemic deeply impacted our society. Life insurance industry is no different. The providers quickly modified the life insurance buying process. Pre pandemic took place predominantly in face to face personal meetings. Well, the Covid-19 pandemic changed that in a major way. But, not all change must be for the worse. What once was a lengthy, time consuming process, with multiple one on one personal meetings, has now become a seamless express process that can be all done online, including the final policy delivery.

Can You Benefit from XPRESS Underwriting?

If you are between the ages 18 and 60, then yes. The limit for policy face value is $1,000,000. In addition, if you qualify, you may even be able to skip medical exam and lab testing. Your qualification will be determined upon initial assessment by underwriting. If your risk rating is below Standard, then you must go through full underwriting. The health rating classes eligible are: Preferred Plus Nonsmoker, Preferred Nonsmoker, Preferred Smoker, Standard Plus Nonsmoker, Standard Nonsmoker, Standard Smoker.

Among other highlights of XPRESS underwriting are:

  • Whole life policy can have both the Term and Paid-Up Additions Combination Rider (Combo Rider) attached to it. However, the total death benefit must not exceed $1,000,000.
  • Once you are found eligible, your policy is issued within 5 business days with no further underwriting.
  • Products eligible are the Whole Life Series, Universal Life, Term Portfolio, Survivorship and Unisex Products
  • and many more.

Examples of medical conditions that will disqualify you from XPRESS underwriting:

  • Alcohol abuse / Treatment
  • DWI, DWAI, DUI
  • drug-related MVR incident
  • Cardiovascular diseases
  • Cancer
  • Clotting or bleeding disorders
  • Epilepsy / Seizure disorders
  • Aneurysm
  • Stroke / Transient Ischemic Attack (TIA)
  • Kidney disease, renal failure / insufficiency
  • Bipolar disorder
  • Major depressive disorder
  • HIV / AIDS
  • COPD / Emphysema
  • and others.

The New 2020 Life Insurance Buying Process

The XPRESS underwriting described above was not created this year only for the pandemic. It’s been around. It is a tool that helps you get insured in a flash. And it was perfected in 2020. The new pandemic features added to the life insurance buying process this year also apply to regular underwriting. What does it look like? Interview can be performed online or over the phone in a few minutes. You can provide all the data to your agent or broker and actually sign the eApp digitally as well. And once the insurer finds you insurable, your policy can also be delivered to you electronically. The insurer can withdraw premium payments from your account based on your authorization. Pre pandemic policy delivery had to be a hard copy. Now, you can sign using your phone, tablet or computer.

Let’s get started

Ready to see you life insurance options? Then let’s get together and discuss your personal situation. You can start by filling out this form here. Or just send us an email and let’s set up a time and get together to have a confidential discussion.

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