Pacific Life Underwriting Update: COVID-19

07-13-2020

**Updated July 13, 2020**

Revising Age Limits 
Pacific Life is now able to extend offers to PL Promise GUL and PL Promise Term applicants who are:

  • Aged 71-80 at Standard or better risk class, and
  • Aged 70 and below up to Table Four.

 

**Updated May 5, 2020**

Revising Age Limits 
Pacific Life is now able to extend offers to PL Promise GUL applicants who are aged 71-75 at Standard or better risk class. 

** Updated April 7, 2020**

Certain Life Insurance Applications Temporarily Postponed:  For applicants that meet either of the following criteria, Pacific Life is temporarily postponing acceptance of all applications for PL Promise Term and PL Promise GUL:

  • Individuals aged 71 and older; or
  • Individuals of any age rated worse than a Table Four.

Pacific Life will not accept any new applications meeting the criteria above until the temporary restrictions are lifted.

March 31, 2020:

Pacific Life continues to monitor the COVID-19 pandemic, and through it all, they are committed to supporting your needs as you service your clients during this extraordinary time. The following guideline changes are temporary and intended to assist your clients in getting the life insurance protection they need without significant delays.

Temporary Underwriting Requirement Adjustments
There may be situations where obtaining traditional medical requirements is almost impossible, due to either vendor closure or limited staff. In those circumstances, Pacific Life is temporarily offering an alternative to underwriting for pending or newly submitted formal applications. 

For applicants that meet all the following criteria, Pacific Life will use other available data sources to underwrite in lieu of in-person exams:

  • Applicants must be age 60 or younger.
  • Face amounts up to $1 million. 
  • Standard or better risk classifications only. Applicants with a rating below standard will require normal exam requirements

If they are unable to get adequate data from the data sources, Pacific Life may require traditional underwriting methods. 

Paramed Exam Process Updates
To promote the safety of your clients as well as the medical examiners, when scheduling appointments to complete paramed exams, the vendors will ask whether—within the last 14 days—the applicant has exhibited signs of fever or respiratory distress, traveled to a travel ban country, or has had close contact with someone who has. If the applicant provides any information that indicates possible exposure, the appointment will be rescheduled 15 or more days out. During the call to access the applicant’s potential exposure, the examiner will also clearly confirm the same information for themselves, so that your clients can be assured the examiner has not been exposed.

Temporary Underwriting Guidelines

  • Applicants Traveling From Travel-Ban Countries—If an applicant has traveled from one of the travel-ban countries as found at the U.S. Department of State (Travel.State.Gov), a 30-day delay period will apply:
    • After the 30-day delay period, if the individual tests negative and is cleared, an application may be submitted or a policy delivered.
    • After the 30-day delay period, if the individual tests positive, a statement must be received stating the virus has been cleared and is required prior to submitting an application or delivering a policy.
  • A Certificate of Health or Good Health Statement is required on delivery for:
    • Applicants age 60 and older if the face amount is $250,000 or higher.
    • All rated policies, regardless of age or face amount.

Policy Delivery
Pacific Life offers the ability to deliver policies electronically using an intuitive and easy-to-use, in-house ePolicy Delivery solution. Throughout the electronic process, all participants are notified of to-do tasks, status, and issues via email. With ePolicy Delivery, customers can:

  • Review policy package, delivery requirements and payment plan
  • Complete the payment plan for initial premium and recurring payments
  • eSign all necessary documents
  • Return delivery requirements
  • Minimize re-issue delays
  • Request delivery extensions electronically.

Grace Period Extensions
To further assist policyholders, Pacific Life is complying with all applicable state disaster relief regulations and bulletins. This includes grace period extensions for impacted policyholders. If your clients are experiencing a hardship and having difficulty paying their premium due to the COVID-19 pandemic, please have them call Pacific Life customer service representatives to discuss options. 

Please contact the BUA life sales staff if you have any questions about these changes.