What is Coverpath?
Coverpath is MassMutual’s online life insurance platform that provides clients and advisors with an end to end digital experience from quote to policy issue. Coverpath helps advisors create leverage, reduce friction, and delight clients. Beginning in July, Coverpath will be the platform for all term and juvenile whole life cases with face amounts $1,000,000 and under. Exceptions include clients residing in New York and Puerto Rico, and cases with LISR and ALIR.
1. How has Coverpath responded to our business needs in the current COVID-19 climate?
Use of Medical Records
As social distancing and state restrictions may make a routine medical exam a bit less than routine. Coverpath’s support team will help you and your client search for alternative electronic medical records. With comparable medical information such as prior labs, our underwriters may be able to extend offers as follows:
Age 18-49 amounts $3 million and less
- With routine medical care
- Within 12 months may be eligible for Ultra
- Within 24 months may be eligible for Select Preferred or Standard
Age 18-49 amounts $1 million and less
- Without routine medical care, yet all indications are of good health
- Standard at best
Age 50 - 59 all amounts
- With Comprehensive exams
- Within 12 months may be eligible for Ultra
- Within 18 months may be eligible for Select Preferred or Standard
Age 60 -65 all amounts
- With Comprehensive exams
- Within 12 months may be eligible for Ultra, Select Preferred or Standard
See question 10 for further details on how to submit past medical records to underwriting.
More of your clients will be eligible for fluidless underwriting through a combined human and algorithmic underwriting process where certain applications will be routed to an underwriter before exams are ordered.
Please note that non-US Citizens are NOT eligible for express path (fluidless) underwriting at this time. They may be eligible for 'lite touch express path' as described above (click here for more information).
Increase in applicants eligible for TLIC
We are implementing enhancements to our TLIC (temporary life insurance coverage) algorithm to meaningfully increase the number of eligible applicants.
Extended time to complete exams
If an exam is needed, Coverpath will extend the time to complete the exam to 120 days.
2. Does Coverpath offer Temporary Life Insurance Coverage (TLIC) while the underwriting process is underway?
Coverpath has a 120-day TLIC up to $1M of face that is fully digital. Qualifying is algorithmically determined. With COVID-19 we are offering more opportunities for applicants to qualify.
3. Is Coverpath just for TLIC and fluidless up to $1M of face?
No, Coverpath offers fluidless, lite-touch and full underwriting of cases for all ages 0-60 up to $3M of face for most clients. Face amounts can go up to $1M for clients ages 61-64. Coverpath does not offer facultative and shopping of cases to reinsurers at this time.
4. Is the Coverpath fluidless program the same as guaranteed issue?
No. Policies are fully underwritten. Expect 10-15% of applicants ages 18-60 looking for coverage up to $1M to qualify.
5. What are you doing during the COVID-19 pandemic to improve the 10-15% rate of qualification for fludiless?
We are making improvements, but they will be slow and steady. As much as fluidless decisions help delight customers and reduce friction, we all must remain equally focused on delivering superior, sustainable returns for our current policyholders who received our best offer with paramedical exams.
We recently rolled out Lite-Touch Fluidless, which will help more of your clients be eligible for fluidless underwriting through a combined human and algorithmic underwriting process where certain applications will be routed to an underwriter before exams are ordered.
6. For those who qualify for fluidless, is the best offer Standard Non-Tobacco?
No. Our best offer will be Ultra Preferred Non-Tobacco through Standard Non-Tobacco. We will also offer fluidless Tobacco through Coverpath. [Note: During this Covid-19 environment we are living in, prepare customers for more Standard Non-Tobacco offers as we balance speed of permanent offers with the risk of waiving frictional paramedical or alternative medical records.]
7. Wait a minute, I thought Coverpath fluidless was only $750,000 not $1M. Am I wrong?
You’re not wrong! Effective April 7th, Coverpath’s fluidless program is available for face amounts up to $1M.
8. Can you recap for me the different ways my client get a preferred rate class on Coverpath?
- Approved fluid-less express path
- Approved fluid-less lite touch
- Approved when client can provide comprehensive medical records and meets preferred points criteria
- Schedule paramed
Here is a helpful grid to use as a reference tool:
9. Going to $1M for fluidless is great news! For clients that received $750,000 fluidless in the past, can they raise that to $1M now?
Not at this time. Underwriters and Coverpath Customer Care Advocates are focused on making the COVID-19 changes and processing new applicant flows.
10. How will Coverpath obtain electronic and traditional medical records and APS’s?
As clients are still able to take medical exams in most places at this time, completing the paramed exam as usual is the best path to preferred offers. The time allotted for medical exams on Coverpath has been extended to 120 days for all applications to make this possible.
If the client cannot take the exam due to exam centers closures and/or shelter in place orders in their area, our Underwriting Team will do their best to approve coverage using comprehensive medical records. Our Underwriters will also consider using labs and available medical records from a prior company’s recent underwriting.
The processes below are what we need to follow in order to determine if coverage can be offered:
- The client or advisor must let Customer Care Advocates know that the client will not be obtaining a medical exam. This can be done by emailing firstname.lastname@example.org, by calling 1-866-957-5347, or via chat in Coverpath.
- Our first recommendation is to obtain labs and available medical records from another carrier (see below for acceptable age of records). The client/advisor should notify Customer Care advocates if these records are available and either provide a lab slip or upload them using this link.
- Age 18-49, exam within 24 months.
- Age 50-60, exam within 18 months
- Age 61-64, exam within 12 months
- If the client does not have any existing labs, the next option would be to attempt to obtain medical records via 1upHealth. The client can access the website using the below link. By logging into 1upHealth’s portal, the client can see if their healthcare provider network is available. If it is, they will have the option to authorize a one time transfer of their patient portal records for use in underwriting their insurance application. https://massmutual.1up.health
If your client is not able to obtain any of the above, please let Customer Care know to determine next steps. You can contact Customer care by email at email@example.com, phone at 1-866-957-5347, or by using the chat functionality within Coverpath.
Please note, if the underwriter can approve with medical records, the best rate that can be offered will be Standard Non-Tobacco. Please let us know if you have any additional questions, or if there is anything else we can do to assist.
11. Who do we contact for case statuses?
The Coverpath account center is always accessible and remains the #1 way for you to obtain case statuses. If you still have questions, Customer Care Advocates are ready to help. You can email them at firstname.lastname@example.org or call them at 1-866-957-5347.
12. If I have Foreign Travel planned in the next year or two, am I even eligible for coverage with Coverpath?
Yes, you are so long as (a) you haven’t traveled 30 days prior to submitting the application; (b) You do not plan foreign travel in the next 90 days and/or during any global travel warnings. For foreign travel outside of these parameters be very clear on your application answers to help us make the best offer first. If plans are not solidified – It is best left off the application altogether.
Click here for more underwriting FAQs.