We at Paradigm Insurance Inc. (Paradigm) are closely monitoring and abiding by governmental guidelines as they relate to the global pandemic. We understand that everyone has a role to play in mitigating the spread of COVID-19.
Financial services have been designated an essential service by both federal and provincial bodies. As a result, the Paradigm staff remains fully operational in a distributed manner; ensuring that all of our clients’ needs continue to be met.
Like many other industries, the insurance industry has been, and will continue to be, affected by COVID-19. Below, we’ve detailed a few key changes:
In compliance with social distancing measures, Paradigm has transitioned to strictly non-face-to-face practices. In tandem, major insurers, too, have moved to accommodate non-face-to-face business. By utilizing phone calls, video conferencing, email, and DocuSign, the Paradigm staff can facilitate your transaction from the exploratory phase to finalizing policy placement in an entirely remote fashion.
In response to paramedical companies ceasing operations, many insurers have altered their underwriting requirements such that policies which would have previously required biometrics now require only a questionnaire. We at Paradigm can offer clients under the age of 50 $1,000,000 of new life insurance and $199,999 of critical illness insurance with the only up-front requirement being a short medical questionnaire. Additionally, our partners utilize artificial intelligence to expedite underwriting such that these policies can be approved and issued within days of the application being submitted.
Premium & Renewal Deferrals
It’s difficult to overstate the economic affects of COVID-19. The insurance industry understands the struggles that countless individuals and businesses are facing during these unprecedented times. As a result, many insurers are offering premium deferrals ranging from 30 to 90 days and policy renewal deferrals up to 60 days.
Disability Benefit Extensions
Beyond COVID-19 potentially causing a lengthy disability, the lack of access to medical care has resulted in the prolongment of existing disabilities as individuals are slower to recover and return to work. As a result, some insurers are extending disability benefits up to 60 days.
Benefits for Those Temporarily Laid-Off
The insurance industry recognizes that many businesses have no choice but to lay off staff during these difficult times. As a result, many insurers are allowing laid-off workers to access their group benefits for an extended period of time if the employer so chooses.
In response to the effects of COVID-19, insurers anticipate a need to increase premiums. Some insurers have already raised premium for products by up to 27%! This is primarily due to an increase in claims and the lowering of interest rates. Consequently, if you are considering applying for new insurance coverage, now may be the optimal time to do so as rates have yet to change.
We at Paradigm understand that people are facing difficulties from many fronts at this time. We are endeavoring to provide our clients with clarity and aid wherever possible so that their insurance does not become an additional concern requiring substantial attention. We’re here to help. Please contact us if you have any questions relating to these changes.
If you have questions please fill out the form below and we will get back to you as soon as possible.