Oncken Insurance Agency, P.C. Blog
The customers under annuity and life insurance policies face similar problems related to the pandemic every day: providing food on the table, adjusting to working from home, and getting worried about sore throats and coughs. They also continue to help people against various risks with the concerns below.
Consumers Question Life Insurance Coverage
At this point, non-coronavirus underwriting issues (such as distracted driving and opioid use) and economic issues appear to be a significant concern for the life insurance industry compared to SARS-CoV-2, the virus causing COVID-19. Nonetheless, the industry has made the necessary preparation should the claims increase.
Most companies already plan and model ahead for the effects of a potential pandemic. They make sure to adjust their sheets accordingly. Companies are required to hold ample reserves in managing volatility claims by regulations. The reinsurers that back up the carrier's ownership mitigate the impact further by taking away a portion of the risk.
Insurers look for prudent risk management and financial strength in their partnerships. It provides confidence to their customers and ensures the protection of their loved ones.
Complications with Underwriting Exams
Some firms have been receiving customers' questions on whether there are changes in life insurance policies due to the pandemic. What is becoming a rising challenge is the site's necessary medical exams for approval, other than renewals in life insurance policies.
A unit from Quest Diagnostics handling the testing for several life insurance companies recently posted updates for insurers about the coronavirus's impact on the medical exams. The exams are for assessing an applicant's health for those under disability and life insurance policies.
Changes in Underwriting
According to recently gathered data, there seems to be more interest in life underwriters on whether consumers have travel history to high cases of COVID-19. It is still little to no information on insurance companies' management of underwriting decisions related to the pandemic. However, there will most likely be a sharper focus on the applicant's foreign travels.
Insurance companies strive to provide coverage and protection to families every day. Consumers can contribute to their part by reading articles on how critical it is to protect the elderly and those with existing health problems.
At Oncken Insurance Agency, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (281) 256-8310. You can also request a free quote by CLICKING HERE.