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Fall 2020  Volume 13, Number 3        
 

This Just In ...

New Challenges for Seniors Seeking Life Insurance

The coronavirus pandemic has increased concern among life insurance carriers about the mortality risk to consumers age 70 and older.

InsuranceNewsNet, an online life insurance magazine, discovered that almost all major carriers have restricted some age groups, and at least a dozen major insurers have paused life insurance sales in March and April for consumers older than 70.

The American Council of Life Insurers explains that the mortality tables life insurance companies depend on to price products have been disrupted because the pandemic has affected older Americans disproportionally, making it more difficult to set premiums for senior citizens.

In addition, some insurers are not offering life insurance to applicants who have underlying medical conditions that make them more susceptible to COVID-19. These conditions include respiratory and heart conditions. Some insurers won't accept applications from individuals who have tested positive for the virus within the last 30 days.

This does not mean it's impossible to get coverage if you are a senior citizen. Talk to your broker about your options. There are still carriers who offer whole life policies to those over the age of 70.

 

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In this issue:

This Just In...

Your Options if You Lose Your Employer-Sponsored Health Care Coverage

The Hidden Costs of $0 Premium Medicare Plans

What You Need to Know About Getting Health Insurance for Yourself — and an Employee

How Your Credit Score Reveals Your Suitability for Life Insurance

 


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