Life insurance companies are open for business, but the coronavirus pandemic has forced many of them to find workarounds and new solutions in order to maintain their sales and meet increased demand. Amid health concerns and the inability to get life insurance medical exams done, many life insurers have had to go to “Plan B.”
“Each day, since we monitor the rates and rules of dozens of insurance companies, it seems we’re seeing memos cross our virtual desks with new rules, exclusions and rate changes,” observes Byron Udell, CEO of AccuQuote, a national online life insurance agency. He says it has become a full-time job to keep up with the changes coming from life insurers.
If you’re shopping for life insurance right now, a company’s Plan B might shut you out of buying a company’s insurance policies, or it may even turn out be to your advantage.
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