State Life Insurance Company is updating its Asset-Care whole life insurance policy.
The product is a medically underwritten whole life policy that gives buyers a vehicle for pre-paying long term care expenses, according to State Life, a unit of One America Financial Partners Inc., Indianapolis.
State Life will be paying producers more to sell the policy, the company says.
The company says it also has adopted a new ExpressUW underwriting system that should shorten the underwriting process to 7 or fewer business days.
Before, the underwriting process could take as long as 2 months, State Life says.