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Bank Of America Adds Great-West Product

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A financial services giant has developed a new term life insurance program.

Bank of America Corp., Charlotte, N.C., says its Banc of America Insurance Services affiliate will be using the Web to sell simplified term life insurance underwritten by First Great-West Life & Annuity Insurance Company Inc., White Plains, N.Y.

First Great-West is a unit of Great-West Life & Annuity Insurance Company, Greenwood Village, Colo., which is, in turn, an affiliate of Power Corp. of Canada, Montreal.

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Policy death benefits will range from $25,000 to $150,000, and the level-premium terms will be either 10 or 20 years, according to Bank of America.

Customers must answer some medical questions online, but they need not provide additional documentation, and the underwriting system can approve coverage purchases by qualified applicants while the applicants are still on the Web, Bank of America says.

For a non-smoking, 35-year-old male, the cost of a 10-year, $100,000 term policy will start at about $16 per month, according to Bank of America.