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.