Global Atlantic: Changes to New Business/Underwriting Guidelines
**May 4, 2021**
Global Atlantic is pleased to announce the following updates to the temporary guidelines put in place in response to COVID-19.
Effective April 30, 2021:
- Up to age 65, normal underwriting guidelines
- Ages 66-75 Table 6 or better
- Ages 76-79 Table 4 or better
- Ages 80+ Postpone
Good Health Statement when underwriting evidence is greater than 60 days old or standard risk class.
Global Atlantic will continue to employ a prudent underwriting approach for cases at higher risk to Covid-19 based on age and medical condition.
The world recently marked the one-year anniversary of the COVID-19 pandemic. With the extraordinary efforts now being undertaken to provide COVID-19 vaccinations, questions may surface regarding how COVID-19 vaccines may impact a client’s life insurance policy or their ability to qualify for an insurance policy.
Accordia Life insurance applications do not include any questions regarding COVID-19 vaccination. To the extent an applicant voluntarily discloses such information during the application process, this information would not be taken into consideration in determining the applicant’s eligibility for coverage or underwriting classification.
Accordia Life insurance policies do not contain any exclusions for COVID-19 or COVID-19 vaccination.
Claims on Accordia Life insurance policies continue to be processed according to its standard claim practices and procedures.
**September 1, 2020**
Global Atlantic is pleased to announce the following updates to the temporary guidelines put in place in response to Covid19:
Effective September 1, 2020, applications will be considered for:
- Individuals ages 70-79, standard or better only, up to $10 million.
- High Net Worth Foreign National Program:: Foreign National cases that meet Global Atlantic’s regular guidelines. For age 70+ standard or better only, up to $10 million. Click HERE for more information.
- Foreign travel acceptable - U.S. citizens or permanent U.S. residents traveling outside the U.S. (Previously the application would have been postponed 30 days after travel outside the U.S.)
The following guidelines remain the same:
- Postpone applications up to age 69 with rating higher than Table D/4.
- Global Atlantic will continue to employ a prudent underwriting approach for cases at higher risk to Covid19 based on age and medical condition.
- Good Health Statement will be required at policy delivery attesting that there has been no change to the insured’s health.
** April 21, 2020 **
Global Atlantic understands the need to provide flexibility in how new life applications are processed and underwritten in order to help you better serve your customers during this uncertain time. These New Business accommodations are temporary and may be withdrawn by the company at any time. Non-resident solicitation (cross border) rules and time-of application requirements will continue to be strictly enforced.
Global Atlantic Underwriting has several programs available to utilize a “no exam, lab-free” opportunity
- Accelerated Underwriting “Fast Lane Program”
- Ages 18-60
- Ages 18-50 up to $1 million
- Ages 51-55 up to $500,000
- Ages 56-60 up to $250,000
- External Term Exchange Program, age 18-65, up to $1 million
- Additional Insurance Program ages 18-65, up to $1 million
TEMPORARY UNDERWRITING GUIDELINE CHANGES SPECIFIC TO COVID-19
- For applicants age 18-60, up to $2 million face amount, if the applicant lives in a location where a paramed exam and labs cannot be completed, please contact your Global Atlantic underwriter to discuss other potential methods for providing the required underwriting information - for example, through submission of a physical examination and labs completed by a personal physician within the prior 12 months.
- Underwriting offers for any permanent resident or U.S. citizen who has traveled outside of the U.S. within the past 30 days or has future plans to travel outside the U.S. will be postponed.
- Individuals who have been exposed to COVID-19 or tested positive for COVID-19 will be postponed for 30 days and will be reconsidered subject to satisfactory evidence showing they have fully recovered. Individuals who have recovered after hospitalization for treatment for COVID-19 will be postponed for 6 months after treatment and reconsidered subject to satisfactory evidence showing they have fully recovered.
COMPLETING AN APPLICATION AND SUBMISSION
- Global Atlantic will accept electronic signatures on new business paperwork signed via DocuSign or other approved vendors. Signatures will still be required for 1035 exchanges and replacement forms due to exchanging carrier requirements.
- In addition to electronic submissions, Global Atlantic will accept applications by fax and email.
- Global Atlantic will also accept photographs of completed applications. Unclear pictures will be considered Not In Good Order (NIGO) and will require resubmission to finalize new business issuance.
- If you are unable to meet with a client in-person to obtain their signed application, the application must be accompanied by a copy or photo of the applicant’s government-issued photo identification (e.g., driver’s license, state ID card, passport, etc.). If using Firelight, use the document upload feature to add this additional requirement.
- If you are unable to meet with a client in-person, you must note this on the application Agent Report and describe in detail how you explained the product to the applicant. A cover letter containing this information is strongly recommended.
POLICY DELIVERY REQUIREMENTS
- There is no change to their 60-day delivery period. As usual, Global Atlantic will send you the issued policies for delivery to your clients and timely return of the policy delivery receipts.
- Effective immediately, for all cases we will require a Good Health Statement at policy delivery attesting that there has been no change to the applicant’s health. If you are unable to complete delivery due to the COVID-19 pandemic, please contact us to determine if the policies can be mailed directly to the policy owner.
Please give us a call at 1-800-792-6795 if you have any questions about these updates.