The Evolution of Life Insurance in the Time of COVID-19

Covr is well equipped to help insurance providers adapt.

by Mike Furgiuele

While the current situation surrounding the coronavirus is challenging for all of us, our insurance carrier partners have made adjustments in several key areas in response to COVID-19: Waiving of medical exams, expanded accelerated underwriting, and an increased use of e-delivery options. 

Overall, carriers are moving toward a more user-friendly process with automation via digital vendors like Covr. This is a big upside to the current events we’re experiencing. This move toward a more digital approach to life insurance is what Covr has always advocated for. 

Fewer Medical Exams and More Accelerated Underwriting

Since the outbreak of the COVID-19 pandemic, one of the most important changes made by our carriers includes non-fluid underwriting programs for up to $3 million in face amount. About 80 percent of our carrier partners are now offering these types of programs, while 65 percent have established programs to waive underwriting requirements and utilize other resources in lieu of a para-medical exam. 

Increased Use of E-Delivery

Finally, we have seen a doubling in the number of carriers offering e-delivery options, with 55 percent of our partners now utilizing PDFs and DocuSign capabilities. 

It’s unlikely that we’ll see the industry go back to its old ways. We’re seeing long-standing firms respond to our new normal by making the insurance process cleaner and less clunky. This is good news for Covr, as more and more carriers are becoming “plug-and-play,” furthering our mission to make life insurance simple, fast and accurate. It’s a long-term net-positive for everyone. 


A handful of carriers are postponing cases from applicants older than 70, and in some other age and risk categories. These postponements largely affect new cases, but a couple of carriers are making retroactive changes. Each carrier has made it clear that they fully intend to lift these postponements once COVID-19 becomes less of a factor in our daily lives.

Covr has developed an action plan for these cases. We will continue to process pending cases, and will advocate on behalf of applicants to find better ratings and costs. Our team will do everything we can to protect these clients and preserve the cases until they can be fully processed. 

What’s next from our carriers? Covr will continue to explore and ask this question with our carrier partners, and keep providing updates as we get them. In the meantime, our team will continue to work diligently on all applications in order to create the best user experience for financial advisors and clients throughout this historic period. 

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