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June 10, 2008 / Author: Tim Bain

‘New’ Life Insurance Travel Guidelines

QuickQuote Term Life Insurance Blog

Life insurance companies may soon take a different view of applicants’ foreign travel history and plans when considering applications for life insurance. The National Association of Insurance Commissioners (NAIC) recently adopted new guidelines aimed at protecting consumers from discriminatory underwriting practices by life insurance companies in the sale of life insurance. The guidelines modify the NAIC’s Unfair Trade Practices Model Act to limit an insurance company’s ability to deny an applicant life insurance based solely on lawful past travel or lawful future travel (under particular circumstance on the latter).

The new guidelines state that future travel cannot be the basis for a coverage decision unless travel to a specific location at a specific time is found to create a risk of loss greater than that for individuals who do not travel to that place at that time. Such findings must be based upon sound actuarial principals and actual or anticipated experience.

The language implies there is plenty of room for ‘interpretation,’ and seems somewhat ambiguous. Specifically, it will be interesting to see how life insurance companies adapt and justify their findings based upon ‘sound actuarial principals and actual or anticipated experience.’

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Tim Bain

Tim is a licensed life insurance agent with 21 years experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites. You can find him on Twitter.

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Applications for life insurance on QuickQuote.com are made through QuickQuote Financial, Inc. or through its designated agent, Timothy S. Bain, only where licensed and appointed. License numbers are available here and are automatically provided where required by law. QuickQuote's National Producer Number is 1927227. Timothy S. Bain is a licensed life insurance agent in 49 states, including the District of Columbia, and his resident state of Nevada. Timothy S. Bain's Nevada license number is 45949; in California, 0D23811; in Louisiana, 274924; in Massachusetts, 1762164; in Minnesota, 20267005; in Texas, 1092088; and in Utah, 134031.
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