Securian: Underwriting Updates in Response to COVID-19
Changes to COVID-19 participation guidelines to be implemented September 16, 2020
Securian Financial continues to focus on delivering high levels of service, helping customers with their insurance needs and maintaining the company’s financial strength.
Securian is pleased to announce the following changes to the temporary COVID-19 participation guidelines effective September 16, 2020:
- Maximum issue age will increase to age 75 for all life products including SecureCare Universal Life (excluding Advantage Elite Select Term Life 15, 20, and 30)
- COVID-19-specific travel restrictions will be removed on all life products including SecureCare UL
- Applicants ages 51-60 will now be accepted at table C (175%) or better rates on all life products except SecureCare UL; and
- Write Fit expansion to $3,000,000 for applicants ages 18-50 will continue.
All other participation guidelines, including money not being accepted with new applications and temporary insurance agreements not being available, continue until December 31, 2020. For a full list of the participation guidelines effective September 16 and continuing through December 31, 2020, please see below.
Participation guidelines effective September 16 through December 31, 2020:
- The maximum face amount for WriteFit applicants ages 18 through 50 is being increased from $2 million to $3 million. Applicants ages 51 through 60 continue to be eligible for up to $1 million of coverage via the WriteFit platform. Eligibility for WriteFit is determined by answers to the tele-interview.
Traditional Life Underwriting (includes underwritten policy changes)
- Insurance ages 76 and older: new applications will not be accepted.
- Insurance ages 61 through 75: Applicants assessed at Standard or better rates will be issued. All others will be postponed until at least December 31, 2020.
- Insurance ages 51 through 60: Applicants assessed at Table C (175%) or better rates will be issued. All others will be postponed until at least December 31, 2020.
- Insurance ages 50 and younger: Applicants assessed at Table F (250%) or better rates will be issued. All others will be postponed until at least December 31, 2020.
- Money will not be accepted with new applications until at least December 31, 2020, and temporary insurance agreements will not be available during this time.
SecureCare UL Underwriting
- Ages 76 and older: new applications will not be accepted.
- Ages 75 and younger: mortality evaluation will need to be standard or better for a SecureCare UL policy to be issued. Applicants who would be table rated for mortality purposes will be postponed until at least December 31, 2020.
- Money will not be accepted with new applications until at least December 31, 2020; and temporary insurance agreements will not be available during this time.
As the COVID-19 situation continues to evolve, Securian Financial Underwriting remains focused on delivering strong service and solutions.
During this time where paramedical exams may be limited, WriteFit Underwriting is the optimal solution as your client has the potential for a fluid-less experience. Over 60% of submissions do not require a physical exam. WriteFit is available for ages 18-50 up to and including $2 million and for ages 51–60 up to and including $1 million. Opt-in to WriteFit on eApp.
Securian understands that WriteFit may not be conducive for every sale, which is why they have decided to leverage the WriteFit program to update their guidelines.
- For submissions where WriteFit is available but not selected (such as a paper application) and state mandates restrict completion of a physical exam or medical records, Securian will be able to proceed in one of two ways.
- First, they can await receipt of a completed physical exam and/or medical records.
- Secondly, if you do not desire to wait for completion, alert your underwriter. Your underwriter will leverage WriteFit underwriting guidelines and tools to drive towards a decision that won’t require a paramedical exam (note: stretch criteria will be unavailable).
If state mandates restrict completion of a physical exam or medical records for situations where WriteFit is unavailable or your client is deemed ineligible for WriteFit, your underwriter will be available to review on a case by case basis. (Note: this excludes cases for insurance age 70+ or face amounts above $2 million).
Additionally, Securian has taken the following stances at this time regarding COVID-19:
- If an applicant has planned travel/residency to a restricted area as deemed by the CDC within the next six months, a postponement may be warranted.
- If an applicant has symptoms matching COVID-19, a postponement for evaluation until 4 weeks after full recovery may be warranted.
- If an applicant has been tested and deemed positive for COVID-19 and has experienced:
- Mild symptoms with no hospitalization – postponement may be required until confirmation is received 4 weeks post recovery by a healthcare provider.
- Moderate to severe symptoms and/or hospitalization was required – postponement will occur until current evidence of good health by a medical practitioner (APS) is received more than 4 weeks post recovery.