Facing the Unknown Future With Resilience

This Forbes article is an interesting one. Life Insurance companies have significant expertise in marketing, selling and servicing life insurance policies. They also have considerable expertise in quantifying risk and putting a price on it. With the onset of COVID-19 and the unknown direction of where this will go and the unknown nature of the effect on financial markets, life insurance companies very well could be forced to increase premiums or put restrictions on future policies. Recently, a client that applied for additional coverage was offered at standard rates, coverage as applied for with a provision that he does not travel for business outside of Canada for the balance of 2020. Fortunately, there are other carriers that look at the same situation differently.

Life Insurance companies are innovative, adaptive and resilient. Many are already accepting applications without the advisor having met face-to-face with the client and offer online options for both administrative and application inquiries. Adaptations to business models can certainly help expedite the application processes. Many have restricted amounts of new coverage they will consider because of the challenge in obtaining medical tests as well as the inability to quantify COVID-19. The coverage being offering currently would fit most situations.

I have had to be innovative, adaptive and resilient as well. In three weeks, the new normal for me has been working in my office at home with all the technology I need to connect with clients, prospective new clients, business associates and the administration and support teams of the various companies. I have around ten Zoom Video Calls every week. Three weeks ago, I barely knew what Zoom was. I am now in a new routine of work replacing face to face meetings with phone calls and video calls and helping clients buy the life insurance they need online.

If you would like to have a discussion with me about life insurance specifically or your Wealth and Risk Management Plan in general, I am here to serve. Let me know, and we can arrange a time to talk to see if there is a fit between your situation and what I do.