Does COVID-19 Affect Your Client’s Life Insurance Policy?
As AIP Marketing Alliance continues to keep operations business as usual during the pandemic, a few people have reached out with the same question, “Does COVID-19 affect my life insurance policy?”
There are two ways to look at this scenario: current issued and in-force life insurance policies owned, and policies your clients are looking to purchase going forward. AIPMA decided to ask these questions to our compliance department to provide their opinion.
Several folks have asked if COVID-19 will change the terms and conditions of their existing life insurance policy. COVID-19 will not change the terms and conditions of an already issued and in-force life insurance policy.
The second question is, “Will COVID-19 change the terms and conditions of an in-force life insurance policy issued after June 30, 2020?”
While the terms and conditions of a future issued life insurance policy may have different terms and conditions than one issued before June 30, 2020, once a policy is issued, the terms and conditions will not change.
As a reminder, your clients should take the time to read through their entire life insurance policy thoroughly before purchasing this product.
In the meantime, are you looking to add a competitive life insurance product for your clients? AIP Marketing Alliance has access to more than 60 top-rated carriers with electronic contracting to make getting appointed quick and efficient.
Contact our Business Development team at (800) 783-5206 Press #2 or firstname.lastname@example.org to learn how AIPMA can assist with growing your agency. Your Growth is Our Commitment!
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2041 E. Square Lake Road, Suite 100, Troy, Michigan 48085-3897
For more than 35 years, AIP Marketing Alliance (AIPMA) serves as a premier life insurance and annuity distribution partner to provide full-service support to independent wholesalers, brokerages and agents from our Troy, Michigan office.