Evidence of Insurability requirements update

Evidence of Insurability requirements update
We are extending the Evidence of Insurability Requirements Temporary schedule till October 31, 2020. The temporary schedule can be found on EquiNet.
 
In March we introduced changes to our evidence of insurability requirements that eliminated the automatic need for medical testing for life insurance amounts up to $1,000,000 for ages 45 and under (and temporarily for ages 50 and under).  Our applications and illustration system are being updated to reflect the new permanent limits and will be available on September 11. However, temporary changes to evidence of insurability requirements introduced due to COVID-19 have been extended to October 31, 2020 and will not be reflected in the software updates being released on September 11.
 
Paramedical services were temporarily stopped due to COVID-19 and we waived some of the testing that would have ordinarily still been required. Now that paramedical exams have resumed it is important to let your clients know that medical evidence could be requested, even if they fall within the non-medical limits in our Evidence of Insurability Schedule. The need for testing could be based on information in the application, random selection or selection based on an algorithm.


Permanent changes to medical requirements:
  • No automatic need for testing for life insurance amounts of $1,000,000 or less for ages 45 and under; labs still required for some applicants based on information in the application, random selection or selection based on an algorithm
  • No automatic electrocardiogram (ECG) required for issues ages up to and including:
    • 60 on amounts under $3,000,000
    • 65 on amounts up to and including $1,000,000
  • MD Medical and Inspection Report (IR) are no longer required for any issue ages or amounts
  • TMT - Treadmill Electrocardiogram is required for smokers and/or diabetics only.
  • Reduced motor vehicle report (MVR) requirements:
    • Ages 18 – 40:     $5,000,000+
    • Ages 41 – 60:     $10,000,000+
    • Ages 61 & over:  $5,000,000+
 For more information, please refer to our FAQ or contact your Regional Sales Manager.