NU Online News Service, Jan. 15, 11:13 a.m. – E*Trade Group Inc., Menlo Park, Calif., says it is working with inviva Inc., New York, to set up a Web-based insurance sales site by March 31.
The site will start by selling “instant term” life insurance policies, E*Trade says.
Healthy applicants will be able to get 90 days of temporary coverage online, using digital signatures. While the temporary coverage is in effect, inviva will arrange for the medical exams and reviews necessary to determine whether applicants qualify for 10-year or 20-year term life policies, E*Trade says.
Death benefits for the term life policies will range from $250,000 to $1 million.
E*Trade says it will also sell annuities, homeowners insurance and auto insurance through the insurance site.
American Life Insurance Company of New York, Louisville, Ky., an inviva subsidiary licensed to sell insurance in all 50 states, will write the instant term policies.
Inviva, the parent company, bought American Life from Mutual of America Life Insurance Company, New York, in March 2001.
Inviva announced an agreement to set up an instant term life program for Quotesmith.com Inc., Darien, Ill., in April 2001, and a similar agreement with CMIdirect.net, Sunland, Calif., in December 2001.