The National Association of Professional Insurance Agents has set up a Web-based tool that can help member companies sell term life insurance.
The new Insurance Online Network now offers term life quotes from units of Hartford Financial Services Group, Hartford; Protective Life Corp., Birmingham, Ala.; and Transamerica Occidental Life Insurance Company, Los Angeles, a unit of AEGON N.V., The Hague, Netherlands.
Hartford and Protective Life own Life Alliance L.L.C., the joint venture that is running the service, according to the PIA, Alexandria, Va.
The service is free to 120,000 insurance who are affiliated with the PIA and are licensed to sell life insurance, the PIA says.
Quotes are available for 10-, 15-, 20- and 30-year term life policies with face amounts starting at $100,000.
The system uses information about the client’s age, coverage amount, gender and coverage period to generate quotes, then passes the information to a financial professional. The financial professional can forward the information to the life insurer electronically and let the life insurer take charge of gathering any medical information that might be needed, the PIA says.