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You would think that during the worst Pandemic since the 1918 Spanish Flu life insurance companies would be hedging their bets to avoid major losses from Covid-19.

I haven’t written a life policy for several years so I was wondering what was going on?

I called one of the brokers I deal with that interacts with hundreds of big life insurers to get an inside look into how the Covid crisis has changed their business.

Imagine my surprise when she said it was pretty much business as usual!

Last year when the hysteria was just getting ramped up she did say the companies temporarily tightened up underwriting and reduced the amount of coverage they would offer. But as time went by and the hard data came rolling in those same companies went back to business as usual.

I asked her specifically if life insurers wanted a Covid test as part of the underwriting process and she said none that she was aware of.

Hmm, that’s pretty interesting isn’t it?

The most lethal pandemic in decades descends on the globe with deadly mutations taking millions of innocent lives and the life insurance companies couldn’t care less.

I also asked if the cost per thousand of coverage had increased due to Covid and again she said no.

Rates were pretty much the same as they were before the Covid Pandemic ravaged the earth.

Life Insurance companies are very risk adverse.

They don’t like losing money to unnecessary claims.

The fact they’re treating Covid as a nonevent should be an indicator that something is very wrong with the whole narrative. https://www.zerohedge.com/covid-19/life-insurance-covid-19-something-doesnt-make-sense

You would think that during the worst Pandemic since the 1918 Spanish Flu life insurance companies would be hedging their bets to avoid major losses from Covid-19. I haven’t written a life policy for several years so I was wondering what was going on? I called one of the brokers I deal with that interacts with hundreds of big life insurers to get an inside look into how the Covid crisis has changed their business. Imagine my surprise when she said it was pretty much business as usual! Last year when the hysteria was just getting ramped up she did say the companies temporarily tightened up underwriting and reduced the amount of coverage they would offer. But as time went by and the hard data came rolling in those same companies went back to business as usual. I asked her specifically if life insurers wanted a Covid test as part of the underwriting process and she said none that she was aware of. Hmm, that’s pretty interesting isn’t it? The most lethal pandemic in decades descends on the globe with deadly mutations taking millions of innocent lives and the life insurance companies couldn’t care less. I also asked if the cost per thousand of coverage had increased due to Covid and again she said no. Rates were pretty much the same as they were before the Covid Pandemic ravaged the earth. Life Insurance companies are very risk adverse. They don’t like losing money to unnecessary claims. The fact they’re treating Covid as a nonevent should be an indicator that something is very wrong with the whole narrative. https://www.zerohedge.com/covid-19/life-insurance-covid-19-something-doesnt-make-sense

(post is archived)

[–] [deleted] • 4 pts

You should have made a video of it like that other girl who called all the funeral homes around Toronto area. They all said they weren't experiencing anything out of ordinary. The biggest pandemic we got caught with our pants down and there weren't filled up to their necks with dead bodies? Hahaha

[–] • 2 pts

Very interesting information. I am former Financial Planner with extensive high level experience in the life insurance industry first hand. If the insurers (re-insurers) thought this was a problem, they would have introduced VERY tight underwriting standards, and would also charge HUGE premiums to compensate. It has not happened. The money says it all.

[–] [deleted] • 0 pt
[–] • 0 pt

This says it all

[–] • 0 pt (edited )

EDIT:::::shit, I see OP is just quoting the article, NOT an actual insurance agent. So I typed that all out for fuck all.

GREAT to see an insurance man here---off topic---I have questions.Before Mom died we talked about insurance (life).

She worked for Post Office, I worked for PO too. (retired both of us, administered by Office Personnel Management (OPM).

I know difference between whole life? and term? Whole life keeps your money and you can withdraw all that money later? Term is just straight up you die, they pay out----I MAY BE wrong/switched those 2 meanings, IDK.

She said to me one day "oh no, you don't get the actual $150,000 when you die, unless you die at maybe 55 years old. The older you get, that $150,000 payout, goes down, for every more year life you live.".

Realize I am ignorant of all this, but I did have in 1999, 3 x salary x how many years I worked for PO. In 1999 if I died, Kids would inherit $150,000.

Mom was saying THAT $150K would go down every year I lived.

She's dead now, so IDK what she had term/whole? OPM paid to the estate? Brother probated with a will and split everything 3 ways with my sister.

Short story long---in 1999 I had a policy for $150,000 payable to my kids. (when I was working for PO) I still pay a premium on policy, though premium IS VASTLY REDUCED, due to / account of my retirement income.

OPM will not answer my question. I have updated, after divorce, updated beneficiary as my 2 kids only. BUT OPM won't/can't answer my question----

Question----do my kids get $150,000, or does that $150K go down every year I get older---as my Mom said?

[–] • 1 pt

It depends specifically on the terms of the policy. Whole of life are more long term savings vehicles with certain tax advantages (they are outdated and rarely used anymore as they are very expensive), whilst pure term life is a payout upon the event of death. Read the terms of your policy for specifics. Thanks.

From a former financial planner.

[–] • 1 pt

Thank you.

[–] • 0 pt

You need to read and evaluate your policy. Sounds like a decreasing term. It's a cost factor type of policy. Larger payout for when the kids are young structure. It might have served its purpose by now and a better option could be available for you.

[–] • 0 pt

They claim that their payouts are down due to people being stuck at home and not being involved in fatal car crashes etc. Some will ask COVID questions right before delivery (after being fully under written).

Source: I asked a friend who sells insurance.

[–] • 0 pt

Life Insurance companies are very risk adverse.

They don’t like losing money to unnecessary claims.

So they just deny claims saying COVID-19 is an act of God.