NU Online News Service, July 12, 4:45 p.m. – Bank One Insurance Group, Milwaukee. plans to kick off a single-premium whole life pilot program in September.
Glen Milesko, president of Bank One Insurance, says single-premium whole life insurance should be a natural fit for his company, which is a division of Bank One Corp., Chicago.
“Single premium is working now [in banks] because they’ve simplified underwriting to the point where you can do it in 10 minutes, with underwriting on the other end of the line,” Milesko says. “Because it’s an investment life product, about 90% of folks will get it within 10 minutes, and it fits in a lot better for a bank than does insurance requiring physicals, body fluids and so on.”
If the whole life pilot succeeds, Bank One could role out a full sales program for whole life in 2003, Milesko says.
“If that works, then we might go to variable or universal single premium products,” Milesko adds.