Pacific Life Bulletin - A Communication from the Life Division
 
Pacific Life
Pacific Life Insurance Company
 
Date:   March 18, 2020
To:   Life Insurance Producers, Management, Office Administrators, and Technical Staff
Subject:   Underwriting Updates: COVID-19
Category:   Administration

Underwriting Updates: COVID-19


Pacific Life is keeping abreast of developments regarding COVID-19 and the well-being of our policyowners and the financial professionals who serve them is of upmost importance to us. We will keep you updated of any ongoing process changes. The following updates pertain to Pacific Life’s underwriting process, including paramed exams, lab processing, and medical records providers.

A Word About Life Insurance Exclusions
If my client dies due to COVID-19, will Pacific Life pay the death benefit?
Yes, Pacific Life does not exclude payment of death benefit due to pandemics, like COVID-19.

Underwriting Process Update
For new business applications and policy deliveries, note the following underwriting process changes effective immediately:

  • Wealthy Global Citizen Applications—A Certificate of Health is required on policy delivery to assure no change in the applicant’s health.
  • All Other Applicants Traveling From Travel-Ban Countries—If an applicant has traveled from one of the travel-ban countries as found at the U.S. Department of State (Travel.State.Gov), a 14-day delay period will apply:
    • After the 14-day delay period, if the individual tests negative and is cleared, an application may be submitted or a policy delivered.
    • After the 14-day delay period, if the individual tests positive, an attending physician statement must be received stating the virus has been cleared and is required prior to submitting an application or delivering a policy.
  • There are no current impacts to Guaranteed Issue underwriting procedures.

Underwriting Vendor Updates
Our vendors have provided us with the current state of their operations and the status of their business continuity plans, if/when they need to be implemented. It is important to note that our vendors are complying with all state and local government guidelines. As the situation is very fluid, we will continue to remain in close contact with our vendors. We will provide regular updates and notify you if there are any changes in the status of our vendors’ operations.    
 
Paramed Exam Process Updates
When scheduling appointments to complete paramed exams, our vendors will ask whether—within the last 14 days—the applicant has exhibited signs of fever or respiratory distress, traveled to a travel ban country, or has had close contact with someone who has. If the applicant provides any information that indicates possible exposure, the appointment will be rescheduled 15 or more days out. During the call to access the applicant’s potential exposure, the examiner will also clearly confirm the same information for themselves, so that the client can be assured the examiner has not been exposed.
 
Lab Processing
Both our labs have confirmed that they are fully operational, have business continuity plans in place, and do not expect any impacts to processing at this time. 
 
Medical Records Providers
Our medical records providers have also confirmed that they are operational, have business continuity plans, and have stated that some facilities have been operated with reduced staff or are closed and so there may be delays in receiving records. 
 
We appreciate your patience and understanding during these unusual times. Please feel free to contact your Pacific Life representative with any questions.

View Special Report PDF
You may also view the related bulletin by navigating to the News and Communications section of Lifeline.PacificLife.com or contacting your Pacific Life representative. 
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For Financial Professional use only. Not for use with the public.

Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.

Pacific Life Insurance Company is licensed to issue insurance products in all states except New York. Product/material availability and features may vary by state. Insurance products and their guarantees, including optional benefits and any crediting rates, are backed by the financial strength and claims-paying ability of the issuing insurance company. Look to the strength of the life insurance company with regard to such guarantees as these guarantees are not backed by the broker-dealer, insurance agency, or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the life insurance company.

Pacific Life Insurance Company’s individual life insurance products are marketed exclusively through independent third-party life insurance producers, which may include bank affiliated entities. Some selling entities may limit availability of some optional riders and investment options based on their client’s age and other factors. Your broker-dealer or firm can help you determine which optional riders and investment options are available and appropriate for your clients.


Pacific Life Insurance Company’s Home Office is located in Newport Beach, CA.
 
BT-49296-00  3/20
This email was sent by Pacific Life - Life Insurance Division from 45 Enterprise, Aliso Viejo, CA, 92656 United States.

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