COVID-19 & the Future of Insurance

Table of Contents

 

 

The Current Pandemic

1

The Future Outlook

1

Claims

2

Assessing the Financial Impact of Coronavirus on Policyholders

3

COBRA Coverage

4

Special Enrollment in the Individual Market Insurance Coverage

4

Short-Term Insurance Coverage

5

The Politicization of a Health Care Crisis

6

Insurance Producers May Struggle in a New Marketplace

6

Financial and Practical Impact on Insurers

9

Short-Term and Long-Term Insurance Impacts

10

Impact on Industry Growth

10

The Life Insurance Industry in America and Around the World

11

Underwriting During the AIDS Crisis

11

Non-Health Elements Affecting Policy Underwriting

12

Underwriting Life Insurance in these COVID-19 Times

12

Application for Life Insurance Policies

14

Policy Provisions Now Apply to COVID-19

16

Defining the Contract

17

The Agent’s Role in Acquiring Policy Applications

17

Policy Ownership

18

Premiums

19

Policy Options

19

Nonforfeiture Options

19

Dividend Options

19

Settlement Options for Life Insurance

20

State Required Provisions

22

Incontestability

22

Misstatements in the Application

23

Deferment Clause

23

Nonforfeiture

23

Loan Values

24

Grace Periods and Reinstatement

24

Allowed Policy Provisions

25

Suicide, Aviation, and War

25

General Provisions

26

Deduction of Indebtedness and Premium Refund

26

Assignment

26

Beneficiary Designations

26

Change of Beneficiary

28

Policy Payments

29

Cash Values

29

Dividends

30

Proceeds

30

Special Clauses

30

Contract Use

32

Contract Participants

32

The Insurer

32

The Insured

32

Insurance Company

33

Underwriting and Rating

33

Finance

34

A Public Interest

34

Key Person Life Insurance

35

Buy-and-Sell Agreements

35

The Key Person Principle

36

Insurable Interest for Life Insurance

37

Disability Insurance on Key Employees and Owners

38

The Small Company’s Exposure

40

Loss of the Small Business Owner

40

Planning for Death or Disability

43

Annuities in the COVID-19 Era

45

Defining an Annuity

45

Annuity Extras

46

Built-In Protections

46

Cost of Living Protection

46

Annuities Following COVID-19

46

Principal Protection

46

Tax Efficiency

47

Everyone is Living Longer, Even with Coronavirus

47

Putting Off Retirement

48

Massive Impact of Coronavirus on the United States

50

 

 

 

 

 

 

 

 

 

 

 

United Insurance Educators, Inc.

8213 – 352nd Street East

Eatonville WA 98328

(800) 735-1155