Fidelity Life Association says it will be cutting the life underwriting process to days through a new Rapid Decision process for purchasers of some term life products and whole life products.[@@]

Fidelity Life, Long Grove, Ill., says it is streamlining the process by using the Web and putting underwriters on the line on a recorded call with prospective customers.

When Fidelity Life needs more information to make an underwriting decision, it will let applicants withdraw their applications until the applicants are ready to complete their applications, the company says.

The products involved include a Rapid Decision Term product that offers level-premium terms of up to 30 years.

Fidelity Life also will use the Rapid Decision program to speed the sale of its Graded Death Benefit Term and Graded Death Benefit Whole Life products, which offer up to $250,000 in life insurance coverage for customers who have had health problems.

Fidelity Life holds down the price of the graded death benefit coverage by offering only limited coverage during the first 2 policy years.

The Graded Death Benefit Term product provides a level premium to age 80 or 20 years, whichever is later.