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Are life insurers’ web-based accelerated underwriting programs working the way the insurers want?

One possible clue: Haven Life, a web-based insurance agency affiliate of Massachusetts Mutual Life Insurance Company, is increasing the maximum amount of life insurance coverage available through the site.

The coverage maximum is now $2 million, up from $1 million.

Haven Life managers report that a healthy 30-year-old woman may be able to buy a 20-year, $2 million policy through the site for just $51 per month.

There are two signs, however, that underwriters put on some guardrails.

One is that consumers have to be under the age of 60 to apply for $2 million in coverage through the web.

A second is that consumers applying for more than $1 million in coverage will have to make contact with the brick-and-mortar world: They have to undergo an in-person paramedical exam.

“The exam is free, takes about 20 minutes and can be scheduled at a time and place of an applicant’s choosing,” Haven Life says.

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