COVID'S Effect On Long-Term-Care Insurance
The COVID-19 pandemic has had a ripple effect on the long-term-care (LTC) insurance industry as many people thought harder about mortality and health. Since summer of 2020, the industry has seen a marked increase in inquiries for long-term coverage. However, underwriting requirements have grown more stringent over the last two years, as COVID has left insurers more cautious on accepting new applicants under the new, stricter application process.
Partner F. Michael Zovistoski shares that since the start of the COVID-19 pandemic, LTC providers have needed to better assess risk relating to new applicants, which has resulted in more applications being turned down. Many carriers “included various new questions in their applications, [questions] related to comorbidities, Covid exposure and foreign travel, to mention just a few,” he says.
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