Life Insurers Halting Applications From Seniors Amid Coronavirus Pandemic

A small number of U.S. life insurance providers — including such major players as Prudential Financial, Lincoln National, and Protective Insurance — are temporarily halting applications from older adults amid the coronavirus pandemic, reports The Hill . Prudent, Protective, and Lincoln will temporarily suspend applications from persons 80 or older. Mutual of Omaha Insurance is preventing applications for those who are 70 years or older, and Penn Mutual Life Insurance will suspend applications from those 71 and older until at least June 15. Certain firms will halt applications for people in their 60s who previously qualified, but are now prohibited if they have pre-existing conditions like diabetes or asthma. The U.S. Centers for Disease Control and Prevention calculates that Americans 65 and older constitute eight out of every 10 deaths from COVID-19. Although insuring older Americans can be risky for companies, most insurers charge larger premiums for older enrollees. Some insurers said policies for people in their 70s comprise about 2 percent to 3.5 percent of sales.