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Life insurers impose waiting periods to skirt coronavirus risk
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(Reuters) – U.S. life insurers are trying to curb their own risks to coronavirus by imposing waiting periods for applicants who have traveled to regions with widespread outbreaks, industry experts said.
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Life insurers are worried about insuring U.S. customers who have traveled to countries that the U.S. Centers for Disease Control deems most concerning for contagion risk, including China, Iran, and many European nations.
Lincoln Financial Group, on Monday imposed a 30-day waiting period before issuing policies to most applicants who have traveled to those regions, a spokesman said.
LINCOLN NATIONAL CORP.
AIG AMERICAN INTERNATIONAL GROUP INC.
American International Group Inc, said earlier this month it would postpone decisions about life insurance applications from customers who traveled to several affected regions, including Italy and South Korea, until they were back in the United States for 30 days, according to a memo seen by Reuters.
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AIG is closely monitoring ongoing developments and following recommendations from the World Health Organization (WHO) and Centers for Disease Control, a spokesman said.