Business Underwriters Associates, LLC

SBLI’s Response to COVID-19

03-09-2023

**03/09/2023**

Effective immediately, SBLI will no longer apply the modified underwriting guidelines introduced during the COVID-19 pandemic. The following guidelines will now apply.

UNDERWRITING OPERATIONS UPDATE

  • The acceptable risk classifications and retention rates will be reverted to pre-COVID -19 standards as follows for all term and permanent products:
    • For cases up to age 60:
      • Table 8 or better: Applications accepted
    • For cases ages 61 to 65:
      • Table 8 or better: Applications accepted
    • For cases aged 66 or older:
      • Table 8 (150%) or better: Applications accepted
  • A statement of health is still required upon policy delivery, except on cases with a Part 2 date within 2 weeks of issue. Our e-Policy delivery system helps to support this process as it allows the policyholder to accept, sign, and pay for the policy online, as well as fulfill any state delivery requirements without any human contact.

•SBLI Retention:

  • To age 60
    • MAX AUTO BINDING LIMIT
      • Through Standard: $15,000,000
      • Table 2-5 or up to $5 flat extra: $5,000,000
      • Table 6-8: $500,000
    • Maximum Internal Retention:  $2,000,000
    • Jumbo Limit: $50,000,000
  • Over age 60​​​​​​
    • MAX AUTO BINDING LIMIT
      • Through Standard: $15,000,000
      • Table 2-5 or up to $5 flat extra: $5,000,000
      • Table 6-8: $500,000
  • Maximum Internal Retention:  $100,000
  • Jumbo Limit: $50,000,000

FOREIGN TRAVEL UPDATE
There are no longer any foreign travel restrictions related to COVID-19.

VENDOR INFORMATION
Electronic Health Record Update:  SBLI continues to utilize electronic health records as an option when medical records are required. SBLI has piloted both Human API and MIB sources and continue to try and use this information. If distribution has access to obtaining any electronic health records, they are willing to review if submitted. If additional information is required, SBLI has the right to request a traditional APS.

**11/09/2021**

Effective immediately, SBLI has revised its temporary life insurance underwriting guidelines due to the COVID-19 pandemic with the modifications below:

Underwriting Operations Update 

  • Temporary acceptable risk classification adjustments are updated as follows:
    • For cases to age 60:
      • Table 6 or better: Applications accepted
      • Table 7 or higher: Applications will not receive an offer and will be postponed until further notice
    • For cases ages 61 to 65:
      • Table 5 or better up to $500,000: Applications accepted
      • Table 2 or better over $500,000: Applications accepted
      • Table 3 or higher: Applications will not receive an offer and will be postponed until further notice
    • For cases ages 66 or older:
      • Table 2 (150%) or better: Applications accepted
      • Table 3 or higher: Applications will not receive an offer and will be postponed until further notice
  • Positive COVID-19 cases are still being postponed for 30 days after resolution of symptoms and back to normal physical activity. Cases that are more severe and require hospital admission will most likely require a longer postponement period, depending on the severity.
  • A statement of health is still required upon policy delivery, except on cases with a Part 2 date within 2 weeks of issue. SBLI's e-Policy delivery system helps to support this process as it allows the policyholder to accept, sign, and pay for the policy online, as well as fulfill any state delivery requirements without any human contact.

Foreign Travel Update

  • Travel plans to a country with advisory Level 1 or 2 are acceptable, subject to answers on Covid-19 questions indicating no symptoms, positive test, or self-isolation.
  • Travel plans to a country with advisory Level 3 or 4 will continue to be a postpone until 30 days after return with no COVID-19 symptoms, positive test, or self-isolation.

Vendor Information

Electronic Health Record Update:

  • SBLI continues to utilize electronic health records as an option when medical records are required.  We have piloted both Human API and MIB sources and continue to try and use this information. If distribution has access to obtaining any electronic health records, we are willing to review if submitted.  If additional information is required, SBLI has the right to request a traditional APS.

 

**11/11/2020**

Underwriting Operations Update 

  • Positive COVID-19 cases are still being postponed for 30 days after resolution of symptoms and back to normal physical activity. Cases that are more severe and require hospital admission will most likely require a longer postponement period, depending on the severity.
  • A statement of health is still required upon policy delivery, except on cases with a Part 2 date within 2 weeks of issue. SBLI's e-Policy delivery system helps to support this process as it allows the policyholder to accept, sign, and pay for the policy online, as well as fulfill any state delivery requirements without any human contact.
  • SBLI has reactivated binding coverage with a Conditional Receipt and for the State of Kansas only, the Temporary Insurance Agreement. This option has been updated on their drop ticket platforms.
  • SBLI has also reactivated their Upsell Program, which provides increased coverage options at the time of offer, for all eligible customers with no additional underwriting requirements. The Program includes their increased face amount maximum of $750,000 in our Accelerated Underwriting process.
  • Temporary acceptable risk classification adjustments will continue as follows:
    • For cases aged 59 or younger:
      • Table 6 or better: Applications accepted
      • Table 7 or higher: Applications postponed until further notice
    • For cases aged 60 or older:
      • Table 2 (150%) or better: Applications accepted
      • Table 3 or higher: Applications postponed until further notice

Foreign Travel Update

  • Travel plans to a country with advisory Level 1 or 2 are acceptable, subject to answers on Covid-19 questions indicating no symptoms, positive test, or self-isolation.
  • Travel plans to a country with advisory Level 3 or 4 will continue to be a postpone until 30 days after return with no COVID-19 symptoms, positive test, or self-isolation.

Vendor Information

Electronic Health Record Update:

  • SBLI continues to utilize electronic health records as an option when medical records are required.  SBLI has piloted both Human API and MIB sources and continue to try and use this information. If distribution has access to obtaining any electronic health records, SBLI is willing to review if submitted.  If additional information is required, SBLI has the right to request a traditional APS.

 

**04/17/2020**

SBLI continues to closely monitor the COVID-19 pandemic and its impact on their business. Please note the following temporary changes effective April 17, 2020:


Underwriting Operations Update


Temporary Age Adjustments for Life Insurance Applications

  • For cases aged 59 or younger:

            > Table 6 or better, SBLI is continuing to accept applications. 
            > Table 7 or higher, SBLI is postponing applications until further notice. 

  • For cases aged 60 or older:

            > Table 2 (150%) or better, SBLI is continuing to accept applications.
            > Table 3 or higher, SBLI is postponing applications until further notice.

Key Reminders

  • A statement of health will be required on all cases going forward on policy delivery and must be signed and returned. Please note, their e-Policy delivery system enables the policyholder to accept, sign and pay for the policy online, as well as fulfill any state delivery requirements without any human contact.
  • SBLI has temporarily suspended binding coverage with a Conditional Receipt and for the State of Kansas only, the Temporary Insurance Agreement. 

Vendor Information


Medical Records

SBLI is continuing to receive medical records daily from their medical retrieval vendors and are monitoring various processing metrics and any facility closures. SBLI may also try to obtain Digital Health Portal information from Human API if necessary. If SBLI is unable to obtain records, we will review submitted applications on a case-by-case basis.

Important Note: This builds upon SBLI's prior updates. Click 3/26/2020 or 4/06/2020 to view these.

Please give us a call at 1.800.792.6795 if you have any quesitons about these updates.