TruStage has been selling a new simplified-issue term life insurance product through a web-based sales and underwriting process, and an executive says performance looks good.
TruStage is the direct-marketing arm of CUNA Mutual, a Madison, Wisconsin-based carrier that sells insurance through credit unions. TruStage introduced its web-based simplified-issue term life program in June 2016, and it began actively marketing the program, which is one of the first of its kind on the market, in November.
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The company has already reported selling 6,400 policies through the program, with an average of about $50,000 in coverage provided per policy sold.
Susan Sachatello, a senior vice president at TruStage, said in an email interview that the average sale is taking less than eight minutes.
“This includes designating a beneficiary, answering the two health questions, requesting an authorization to allow a check of prescriptions, and providing contact and mailing information,” Sachatello said.