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Some LICs in US stopped signing agreements with older people

Some US life insurance companies suspended applications from older people during the coronavirus pandemic, reported Reuters.
Some LICs in US stopped signing agreements with older people

Insurance companies Prudential Financial and Protective Insurance have stopped accepting applications from older Americans over 80 years old. Mutual of Omaha Insurance and Penn Mutual Life Insurance do not consider applications from people 70 years of age or older.

Insurance for older Americans can be a big risk for US life insurers in the best of circumstances, but it brings huge insurance benefits. A healthy 40-year-old woman pays about $180 a year for a life-time policy of $250 thousand, and a healthy 70-year-old woman pays $2,244, or 1146% more, according to the policy broker Policygenius.

Insurers are making changes to the long-term strategies of companies, as soon as amendments are adopted by the board of directors the statements of older people are to be considered in the usual way. Spokespersons of several LICs reported that such measures had been recommended by reinsurers and actuaries.

Sources: https://www.reuters.com/article/us-health-coronavirus-insurance-life/some-life-insurers-hit-pause-on-older-americans-during-coronavirus-crisis-idUSKBN21Z24D

Photos are from open sources.

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