How COVID vaccination affects underwriting decisions

How we’re approaching COVID-19 vaccination Securian Financial remains focused on delivering high levels of service, helping customers with their insurance needs, and maintaining our financial strength. Your support in delivering on this focus has provided valuable insights to best navigate the unpredictable nature of a pandemic, while addressing the additional risks it presents. Over the past few months, much of our attention has turned to COVID-19 vaccinations. Not surprisingly, many questions have arisen on use of vaccination information in underwriting. In response, our Medical & Applied Research Services team has been actively monitoring vaccine efficacy, safety, availability and uptake, which
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Categories: COVID-19, Industry News, Life Insurance, and Securian.

Long-Term Care Virtual Assessment Update

Throughout the pandemic, Mutual of Omaha has been evaluating our underwriting and new business practices in efforts to support business continuity, deliver a high level of service and maintain our financial strength. In February, we announced a temporary transition to virtual assessments for applicants age 65 and over with favorable medical records. However, due to the increasing number of Americans being vaccinated, we will be moving back to face-to-face assessments. Effective June 1, 2021, virtual assessments will only be conducted when a nurse is not available or due to geographic location. *Reminder:  Underwriting will initiate scheduling assessments for LTC applicants
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Categories: COVID-19, Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

COVID-19 drives interest in life insurance

According to the 2021 Insurance Barometer Study from Life Happens and LIMRA, the Coronavirus pandemic has driven an increase in life insurance purchase intent, with 31% of consumers more likely to buy life insurance due to COVID-19. 1 The impact is even greater among distinct audiences, with the likelihood of buying increasing to 45% among millennials and 42% among respondents who have household incomes of $150K or more.1 This changing mindset seems to indicate that consumers are thinking of additional ways to protect themselves and their families and that life insurance has become more of a priority relative to other
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Categories: COVID-19, Gerber Life, Industry News, and Life Insurance.

Long-Term Care Virtual Assessment Update

From the Desk of Allen Gregoire Throughout the pandemic, Mutual of Omaha has been evaluating our underwriting and new business practices in efforts to support business continuity, deliver a high level of service and maintain our financial strength. In February, we announced a temporary transition to virtual assessments for applicants age 65 and over with favorable medical records. However, due to the increasing number of Americans being vaccinated, we will be moving back to face-to-face assessments. Effective June 1, 2021, virtual assessments will only be conducted when a nurse is not available or due to geographic location. *Reminder:  Underwriting will
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Categories: COVID-19, Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

Important Life Underwriting Update

From the Desk of Marty Johnson Throughout the pandemic, Mutual of Omaha has been continuously evaluating our underwriting and new business practices to support business continuity, deliver a high level of service and maintain our financial strength. I am happy to announce we will be adjusting our temporary guideline changes effective May 24, 2021. These guidelines apply to all fully underwritten life insurance cases and includes all newly submitted and pending in-house cases, whether formal or informal. Acceptance Guidelines Based on Insured’s Issue Age: If the client is age 0-59: The client is eligible for our best risk class Underwriting
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Categories: COVID-19, Industry News, Life Insurance, and Mutual of Omaha (& Affiliates).

“Pandemic means 41,000 fewer senior housing units could be needed: analysis”

“Pandemic means 41,000 fewer senior housing units could be needed: analysis,” by Kathleen Steele Gaivin, McKnight’s Senior Living Quote:  “COVID-19 deaths have curtailed short-term supply needs for senior housing. The projected senior housing units needed to serve those 85 or older in 2021 are less than pre-pandemic estimates by as many as 41,000, according to National Investment Center for Seniors Housing & Care findings published last week. Seniors aged more than 85 years account for 30% of all COVID-19-related deaths in the United States to date. The Centers for Disease Control and Prevention’s provisional numbers released April 21 showed that 169,545 people in
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Categories: Clippings, COVID-19, and Industry News.

“COVID Accelerates Shift to Private Skilled Nursing Rooms, Up 31% in 2020”

“COVID Accelerates Shift to Private Skilled Nursing Rooms, Up 31% in 2020,” by Amy Stulick, Skilled Nursing News Quote:  “The pandemic has accelerated a shift to private rooms in the skilled nursing space, an attempt to help curb infection, with 31 percent of operators making the change in some capacity last year. … The main challenge to this shift, Utz said, falls on Medicaid reimbursed care. ‘The revenue just isn’t there,’ he added. ‘Every skilled nursing facility has a mix of Medicare, private pay, and Medicaid. The business model just isn’t supported at the reimbursement levels for private rooms.’ If that
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Categories: Clippings, COVID-19, and Industry News.

““New State Payroll Tax Will Provide for Long-Term Care Insurance”

“New State Payroll Tax Will Provide for Long-Term Care Insurance,” by Ryan Rogers, KIMA Quote:  “Last month the state legislature passed a bill to implement a new payroll tax. … Zavala says people can opt-out of the tax if they buy their own long-term care policy.” LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: Headlines like that guarantee this new program will do more harm than good. People see the lead, skip the story and think: “Oh well, another tax to pay, but at least I don’t have to worry about long-term care anymore.” Big mistake as
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Categories: Clippings, COVID-19, and Industry News.

“Social Security Sees Slowdown in Retiree Rolls Amid COVID Deaths”

“Social Security Sees Slowdown in Retiree Rolls Amid COVID Deaths,” by Alex Tanzi, ThinkAdvisor Quote: “About 80% of the people who died from the virus were 65 or older. U.S. life expectancy plunged by a full year in the first half of 2020. At the same time, more people say they plan to retire earlier than expected due to the pandemic. … The pandemic created a unique situation in 2020. While surveys show that many are retiring or planning to retire earlier than they once thought, deaths are removing hundreds of thousands of beneficiaries from Social Security rolls.” LTC Comment, Stephen A. Moses,
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Categories: Clippings, COVID-19, and Industry News.

Investing in private rooms may have prevented nearly a third of COVID-19 long-term care infections, deaths: analysis

“Investing in private rooms may have prevented nearly a third of COVID-19 long-term care infections, deaths: analysis,” by Amy Novotney, McKnight’s Senior Living Quote:  “Greater investment in proper infrastructure, including private rooms and adequate staffing, likely would have gone a long way in protecting long-term care residents from COVID-19 outbreaks, an international group of researchers has found.” LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform: The LTC provider business is moving fast toward private rooms. That means care will be even more expensive in the future than otherwise. It also makes private LTC insurance protection more important
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Categories: Clippings, COVID-19, and Industry News.