NU Online News Service, Jan. 7, 2004, 5:40 p.m. EST – North American Company for Life and Health Insurance, Chicago, has started selling whole life insurance through a Web-based application process, from a site at http://www.life4mom.com[@@]
Customers who are willing to conduct business through the Web can use the site to buy coverage with a face value of $100,000 to $3 million. North American is using an interest rate of 5.5% to calculate the guaranteed policy cash values.
Buyers must agree to pay for the policies using credit cards or debit cards.
Although North American started the site to go after women’s business, men also can apply for coverage through the site.
For now, the Web life program is available in only 8 states, but North American says it hopes to make the program available in all states in the next few months.
North American has picked Plinex Inc., New York, to underwrite and administer the Web-based whole life program.