Daniel Steenerson, one of the industry’s most visible disability insurance distribution specialists, has started a company that can make buying a simple individual disability insurance policy online about as quick as buying an airplane ticket from an online travel agency.
Steenerson’s company, DIonDemand, says it can quote, approve and issue a disability insurance policy through its site within about 20 minutes.
The premium for the policy costs about 1 percent of the insured’s income and protects about 60 percent of the applicant’s gross pay. The company says it will get the policies from a group of carriers with ratings of A+ or higher.
To qualify for coverage, consumers have to fill out a nine-question screening questionnaire anonymously. The application intake system warns consumers before they start that applicants who are working as firefighters, police officers, long-haul truck drivers, chiropractors or active or reserve military personnel may not be eligible for a policy.
The system also warns consumers that having conditions such as HIV, insulin-dependent diabetes or multiple sclerosis might keep them from getting coverage.