Insurers Back Off Age Restrictions, Make Pricing Changes

Earlier this year insurance carriers announced underwriting and product changes in response to the COVID-19 pandemic. Now carriers are updating these actions while the world continues to battle the disease.

An Insurancenewsnet article mentions underwriting and product actions were recently made by John Hancock, Pacific Life and Prudential. Some of the actions in the article include:

• John Hancock resumed issuing policies up to and including age 90.

• Pacific Life reinstated underwriting for applicants (in a standard or better risk class) up to age 81.

• Prudential re-introduced newly priced versions of Term Essential 30 and Term Elite 30 after the product was removed from the market in April.

As more is learned about the corona virus and medical treatment improves, including the development of a vaccine, more carriers can be expected to modify their underwriting and product restrictions

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