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As the COVID-19 pandemic progresses, we are carefully assessing its impact on our business. As a result, the following temporary changes are effective on April 20, 2020. We will continue to monitor this developing situation and communicate any additional underwriting changes that may become necessary.
How has the pandemic impacted life new business and underwriting processes?
As of now, our exam company partners report that there are some delays in obtaining medical records and that several facilities are temporarily closed. Given these potential impediments, we will hold any Safe Harbor Term application requiring medical records open for up to 30 days. However, if the medical records have not been received within that period, we may offer proposed insureds who qualify the opportunity to instead apply for a Safe Harbor Term Express policy (a new application will be required).
Until further notice, our underwriting guidelines will be updated effective April 20th as follows:
What’s the status of the Underwriting area? Should we expect service impacts?
The Underwriting department is fully operational. Producers and staff should continue to use normal communication processes with the Underwriting team
What about applications once they have been submitted? Will they be impacted?
Most of our business is submitted electronically and is very unlikely to be impacted. Once applications are in the system, underwriting itself is not affected other than for the reasons described above.
Good Health Statement
We expect the timely return of all policy delivery receipts regardless of whether the policy was delivered to the agent or directly to the client. The importance of and contractual requirement for the return of the signed Good Health Statement that is included in the receipt should be clearly communicated and emphasized.
For Existing Policyholders
Nassau Re recognizes that the economic consequences of COVID-19 will create challenging financial burdens for many of our policyholders, and we will extend relief to our customers in accordance with guidelines as prescribed by each state’s Department of Insurance. This may include additional time to make life insurance premium payments to prevent a lapse in coverage.
How has the pandemic impacted life new business and underwriting processes?
As of now, our exam company partners report that there are some delays in obtaining medical records and that several facilities are temporarily closed. Given these potential impediments, we will hold any Safe Harbor Term application requiring medical records open for up to 30 days. However, if the medical records have not been received within that period, we may offer proposed insureds who qualify the opportunity to instead apply for a Safe Harbor Term Express policy (a new application will be required).
Until further notice, our underwriting guidelines will be updated effective April 20th as follows:
- For Safe Harbor Term, Safe Harbor Term Express, and Remembrance Life, applications for proposed insureds who:
- Are age 71 or older will NOT be accepted. Please do not submit these cases; and
- Have tested positive for or been diagnosed as having had and fully recovered from COVID-19 will be postponed for at least 30 days following recovery, and applicant must submit a signed statement from their health care provider affirming full recovery and absence of symptoms.
- For Safe Harbor Term, decisions on applications received from proposed insureds who are age 50 or older and rated Table E (5) or higher will be postponed and reassessed in 30 days.
What’s the status of the Underwriting area? Should we expect service impacts?
The Underwriting department is fully operational. Producers and staff should continue to use normal communication processes with the Underwriting team
What about applications once they have been submitted? Will they be impacted?
Most of our business is submitted electronically and is very unlikely to be impacted. Once applications are in the system, underwriting itself is not affected other than for the reasons described above.
Good Health Statement
We expect the timely return of all policy delivery receipts regardless of whether the policy was delivered to the agent or directly to the client. The importance of and contractual requirement for the return of the signed Good Health Statement that is included in the receipt should be clearly communicated and emphasized.
For Existing Policyholders
Nassau Re recognizes that the economic consequences of COVID-19 will create challenging financial burdens for many of our policyholders, and we will extend relief to our customers in accordance with guidelines as prescribed by each state’s Department of Insurance. This may include additional time to make life insurance premium payments to prevent a lapse in coverage.
