The Savings Bank Mutual Life Insurance Company of Massachusetts is working with Lifefy Corp. to set up a fast, online system life insurance sales program.
Lifefy will be selling term life insurance from SBLI on a simplified-issue basis, using an underwriting process that takes about 10 minutes.
The program is open to U.S. citizens and permanent residents, ages 18 to 55.
Consumers can buy policies with level-premium terms of 10, 15 or 20 years.
The death benefit amount can range from $50,000 up to $350,000.
SBLI will also sell guaranteed-issue term life through Lifefy. That product can provide $2,500 of coverage for the purchaser, with a $150,000 accidental death benefit.
SBLI is a Woburn, Massachusetts-based life insurer that operates in 49 states and the District of Columbia.
Lifefy Corp. is a Miami-based company that was founded by Al Vilar in 2012. Vilar previously was a senior vice president in the expatriate insurance business at MetLife.
In other insurtech news:
Pekin Life Insurance Company has agreed to use two systems from Internet Pipeline Inc. (iPipeline): the Resonant system for handling new business and underwriting, and the DocFast system for electronic document delivery.
Pekin Life is part of the Pekin Insurance family of companies, which is based in Pekin, Illinois, and operates in 21 states. Pekin Insurance works with about 1,500 insurance agencies and 8,500 insurance producers.
IPipeline is an Exton, Pennsylvania-based companies with a technology platform used by about 135 carriers and 1,350 financial institutions.
AAA Life Insurance Company has agreed to use FAST Insurance Components from FAST to take in new life and annuity business and to administer the policies and contracts.
AAA Life is an American Automobile Association affiliate based in Livonia, Michigan. It has about 1.3 million active policies in force.
FAST is an insurance software company based in Iselin, New Jersey.
— Read 3 Life Sales Innovation Mysteries That Drive Actuaries Wild, on ThinkAdvisor.