NU Online News Service, Aug. 20, 1:00 p.m.?Agents can now submit pre-applications online for First Penn-Pacific Life Insurance Co.’s Great Term Options guaranteed level premium term life insurance, the Schaumburg, Ill. company says
First Penn’s new online pre-application process, called E-Ticket, is the first program launched under its E-Life Express, a broad plan to streamline life insurance processing to cut paperwork and save time for the company’s distributors. The company is a wholly owned subsidiary of the Lincoln National Life Insurance Co. and a member of Lincoln Financial Group.
E-Ticket is available for First Penn’s GTO term life insurance with face amounts up to $2 million for issue ages 18 to 45 and up to $1 million for issue ages 46 to 60, the company says.
First Penn says E-Ticket provides a more accurate rate class and premium quote up front. Final determination of the rate class and premium occur after the full underwriting process is complete.
“Our goal with E-Ticket is to make agent-client discussions more informative, reduce paperwork, increase the completeness and accuracy of application information and facilitate sales,” says Steve MacDonald, vice president, First Penn.