How COVID-19 is, or is not, impacting the life insurance business and the ability to obtain coverage

[Insurance Forums Staff]

Insurance Forums Staff submitted a new article

How COVID-19 is, or is not, impacting the life insurance business and the ability to obtain coverage

Byron Udell of AccuQuote weighs in on how carriers are reacting to the coronavirus pandemic.

Continue reading the Original Article.

 

[WinoBlues]

I got my first cancelation due to job closure.

She had two policies with me. Then added two more a couple of months age. Those last two are not in the budget now.

 

[pfg1]

Its going to affect us all I am sure. Right now, many people are gun-shy to do anything that isn't absolutely necessary. Which is to be expected I guess.

 

[theleadingagent]

I got a cancellation recently but I'm not sure whether or not its due to job closure....

I plan to reach out to them and see if they need help with premium as at least 1 company is offering to work with them to keep policies active. My guess is that a portion will just not give af but there will be those who want to keep it active if they can and may want to see what the insurance company will do for them.

Also I did come across an aged lead today who was like "I ain't doing nothing right now" ... Usually I'd counter but today I just agreed with her.

 

[WinoBlues]

I got a cancellation recently but I'm not sure whether or not its due to job closure....

I plan to reach out to them and see if they need help with premium as at least 1 company is offering to work with them to keep policies active. My guess is that a portion will just not give af but there will be those who want to keep it active if they can and may want to see what the insurance company will do for them.

Also I did come across an aged lead today who was like "I ain't doing nothing right now" ... Usually I'd counter but today I just agreed with her.

If that does work consider replacing it yourself. 10 yr same face or less face.

 

[theleadingagent]

If that does work consider replacing it yourself. 10 yr same face or less face.

Good point....Thanks!!!

One of them is at the lowest face value that company will go to (but he has health conditions im not sure any other company will accept) so shortening the term is a better option than doing nothing and lapsing.

 

[WinoBlues]

You may still get a charge back but this may blunt it. Also you keep the client and when this stuff levels out you can rewrite them again