As we continue to feel the effects of the coronavirus (COVID-19) pandemic in one way or another, our underwriters have demonstrated creativity and flexibility. We continue to focus on the speed and ease in which our partners can do business with us, as well as making it as easy as possible for customers to apply for and obtain valuable life insurance protection. We want to assure you that Nationwide remains fully committed to you. As such, we are providing you with the latest updates regarding the enhancements we have made to our life insurance underwriting processes, as well as the adjustments we made that were driven by the pandemic.
Nationwide’s Intelligent Underwriting process is still the best choice for submitting applications to us, given the challenges of collecting information for underwriting.We have expanded the population of those eligible for acceleration by including those qualifying for the Standard rate class. Additionally, we are considering alternative sources of medical information when an exam is necessary for both traditional business and for our Intelligent Underwriting process. We are also accepting electronic signatures for amendments, delivery receipts and allocation forms through DocuSign.
To make doing business with Nationwide easier, we want you to know that Nationwide is NOT turning away healthcare workers, we’re not limiting the ages on which people can apply, we’re not limiting table ratings, we’re not limiting riders, nor are we mandating Good Health Statements on all policies. However, we will require Good Health Statements if there are any indications of COVID-19, any travel outside of the U.S., any offers over the age of 60 or over our internal retention, any requests to reopen closed applications and on any applications that are more than 60 days old.
Our position on COVID-19:
New accepted alternatives for medical records and medical requirements:
Though not a direct response to COVID-19, as of March 20, the limitations on maximum age and face amount in Intelligent Underwriting (IU) applications have been lifted. With this permanent enhancement, clients are now eligible for an IU application within product guidelines, with the exclusion of Survivorship IUL and CareMatters®. Previously, the maximum age and face amount were 70 years and $5 million. We are excited to expand the capabilities of our Intelligent Underwriting platform for our financial professionals and customers.
New permanent acceleration guidelines:
Other underwriting programs with no medical requirements:
Finally, we are proud to share that Nationwide is not experiencing interruption in our service-level agreements in getting applications submitted, underwritten and issued. Our competitive market remains at age 70 and younger and Table C and better. Please see our most recent answers to commonly asked questions for doing Life business with Nationwide during these challenging times.