By: Mark D. Milbrod, CLU, CLTC
May 7, 2020

In all of my years in this industry, I have seen many changes. Those changes always showed the true chameleon like nature of our industry and how adaptable it has always been to shifts in the market. Those changes though, have always been influenced by reactive buying habits of consumers.   Something as simple as pricing products with longer guarantees or coming up with additional benefits , such as the addition of long term care riders that created versality and options to the buyers of our products.

What we have experienced however over the last couple of months is truly incredible. Our lives as advisors have been changed forever. The changes that we are seeing have shifted away from historical “product like” changes to a focus on pure availability and access to a population that has its mortality thrown in its face every day. People are concerned with protecting their families. If that doesn’t empower us and make us an important part of society today, I don’t know what will.

I have always contended that our role as insurance advisors is one of the most noble professions that one can choose. We are “essential” and have a vital role to play through this existing pandemic.

The carriers that we represent have given us the strongest set of tools that we can place in our toolbox every day. As we have communicated over the last 6-8 weeks, you can offer your clients large amounts of life insurance without the need for a physical exam, a blood draw or urine specimen. The non-medical limits also extend to Disability Income policies and a wide range of Long Term Care & Chronic Illness Riders.

At first glance, some will say that this sounds too good to be true. It’s important to note that the carriers are not giving this away. They have just found a way to get the job done. By utilizing technology, they are able to access RX & MIB Databases, Lexus/Nexus searches and various other technologies to help them assess the risk. Something else that is becoming a viable underwriting tool is the use of a new technology called Human API. This latest tool allows the insurance carriers to have access to a proposed insured (patient) medical history via online portals that are widely used by medical facilities today. This is accomplished with a one time client authorization.

In our world of social distancing and quarantines, you have been empowered to make these products easily accessible at a time when it is needed most.

Here is a summary of what is available to you:

  • Non-Medical face amounts up to $5,000,000
  • Typically available up to age 60
  • Some face amounts may be available up to age 69
  • Term or Permanent plans
  • Non-Medical Disability Income benefits up to $10,000/mo.

It’s important to note that in addition to these non-medical limits for newly issued policies, we shouldn’t forget that the promises that we made to our existing clients will be honored. There are no pandemic exclusions in the life insurance products we sold.

Doing what we do has never been so important. This is an amazing opportunity that we shouldn’t squander. We should all feel empowered to pick up that phone, do your Zoom meetings and spread the word.   As your General Agency, we have the expertise to guide you through this new frontier. And just like that, together, we can reinvent ourselves.