NU Online News Service, May 16, 5:12 p.m. – SAFECO Life Insurance Company, Redmond, Wash., has started offering producers the ability to quote and bind term life insurance through its Web site.
Producers who use the SAFECO Life Now For Life program can now issue temporary term life insurance coverage online. The applications are subject to final approval and further underwriting by the insurer.
To obtain the temporary coverage, customers answer two underwriting questions and make an initial payment. Consumers can pay using credit cards or electronic funds transfer.
The transactions last 15 minutes or less, according to SAFECO Life.
Agents can enter client information themselves while talking to the clients on the telephone, or the agents can direct clients to the Web site and have them enter their own information. Agents receive full commissions even when clients fill out the Web applications themselves, SAFECO Life says.
SAFECO Life is a unit of SAFECO Corp., Seattle.