Insurance companies have been extremely slow on technological advancements, but things are starting to change. Below is a new and revolutionary way for individuals and businesses to purchase life insurance. It’s simple, easy, fast, less intrusive and completely digital (e-app, e-delivery, e-pay, and e-service).
Program Highlights –
- Ages 20-65
- Up to $5M of Death Benefit
- All States Available, Except NY
- Product Type – Term or Permanent (Whole Life or Indexed Universal Life)
- Not a replacement of existing insurance
- Coverage with a Top-Rated Mutual Company
- Application, Policy Approval, and Delivery can be completed in 24-48 hours
The 3 Step Process –
Step 1 – Provide basic personal information to start the application portal. (Name, Address, DOB, Email)
Step 2 – PB sends an email notification for the insured to access the secure application portal. Once the client has accessed the secure portal, he or she will complete the remainder of the personal information. (SSN, Life and Health Questions, Beneficiary Details, Current Insurance Summary)
Step 3 – Once the application is complete, PB will get a notification email from the Insurance Company within 24 hours, that notification includes one of three possible outcomes:
- Outcome 1 – Policy Approved
- Outcome 2 – Insurance company has additional questions
- Outcome 3 – Insurance company has additional questions and the insured needs to complete traditional underwriting (Paramed Exam)
Every application isn’t approved instantly, currently, there is a 60% success rate using this process and 40% still require traditional underwriting. The Insurance company uses 3rd party data in order to make their auto-underwriting decisions, 3rd party data includes:
- Health and Lifestyle Questionnaire from the application
- Motor Vehicle Records
- Medical Information Bureau (MIB)
- Pharmaceutical Database
- Consumer Credit, Financial and Public Records Database
DON’T DELAY – Get the coverage to protect your family and business now.
