NU Online News Service, May 4, 2004, 4:36 p.m. EDT – BISYS Group Inc., New York, has agreed to distribute quick-issue term life insurance for a unit of Inviva Inc., New York.[@@]
BISYS will encourage the brokers and agents in its distribution network to sell Simple Term term life coverage.
Inviva, a company known for developing quick-issue insurance products for direct sale through the Web, is issuing the product through its Jefferson National Life Insurance Company unit, which has an official domicile in Dallas.
Jefferson National is offering Simple Term terms of 10, 15, 20 and 30 years and coverage amounts ranging from $50,000 to $250,000.
Inviva has developed a rapid, automated underwriting system that gives Jefferson National the ability to issue policies to qualified applicants in about 10 minutes. BISYS producers can sell the coverage over the telephone, through direct mail and through Web sales sites, BISYS says.
The agent commission is “competitive,” BISYS says.