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June 19, 2019 at 06:04 PM
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.
(Related: Many Parents Who Want to Buy Life Insurance Freeze Up: SBLI)
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.
