U.S. life insurers are trying to curb their own risks to coronavirus by imposing waiting periods for applicants who have traveled to regions with widespread outbreaks. Lincoln Financial and AIG are imposing 14 to 30-day waiting times.
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U.S. life insurers impose waiting periods to skirt coronavirus risk
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An “extreme lack of data” about the coronavirus, is amplifying those concerns, said Anthony Martin, chief executive officer of Choice Mutual, an online life insurance brokerage in Reno, Nevada. “Life insurance companies hate unknowns more than anything else,” Martin said. Spread of the virus across the United States could push insurers toward draconian measures, said Tim Luedtke, an actuary and professor at Temple University in Philadelphia. “I fully expect that they will stop taking applications,” Luedtke said.
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