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COVID-19 accelerates no-exam trend in life insurance

Added 12-02-20 07:03:02am EST - “Big data is playing a prominent role in life insurance this year.” - Washingtontimes.com

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Posted By TheNewsCommenter: From Washingtontimes.com: “COVID-19 accelerates no-exam trend in life insurance”. Below is an excerpt from the article.

Interest in coverage has surged during the pandemic, but for many people, social distancing mandates took the life insurance medical exam off the table. As consumers look for quick, noninvasive ways to buy policies, insurers have turned to accelerated underwriting, a process that uses algorithms instead of exams to evaluate applicants.

While accelerated underwriting isn’t new, more than a third of life insurers have expanded it due to the pandemic, according to a study by the Society of Actuaries. And no-exam life insurance appeals to many people. “They want it to be fast and easy,” says Gina Birchall, chief operating officer for the life insurance trade group LIMRA.

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Accelerated underwriting can help you get life insurance quickly online, but there are caveats. What you gain in speed, you may lose in flexibility and price.

Traditionally, buying life insurance was a lengthy process involving bloodwork, urine samples and long waits for approval. “It was probably the hardest or most difficult product to buy left in the modern economy,” says Brooks Tingle, president and CEO of John Hancock Insurance.

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