The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) is resisting the current terror of offering products with built-in benefits guarantees.
The Woburn, Massachusetts-based life insurer has introduced a final expense whole life insurance.
SBLI says it will pay the beneficiaries of the policy a guaranteed death benefit. The beneficiaries can use the benefits for any purpose, not just to pay burial, cremation and funeral expenses.
The coverage amounts available range from $2,000 to $35,000.
SBLI is offering the policy to consumers ages 50 to 80.
SBLI is starting by distributing the policy online, through an application process that involves medical underwriting.
The application system asks applicants about their height, weight and substance use; whether they engage in activities such as scuba diving, mountain climbing and boat racing; whether their parents or siblings had certain serious health conditions before age 60; and whether they have a history of medical conditions such as asthma, depression, or diabetes.
SBLI says that, for some applicants, it may reduce the benefits amount available during the first two to three years that the policy is in force.
When SBLI imposes a health-related benefit amount restriction, it will still pay the full death benefit amount if the insured dies as the result of an accident, the company says.
In other life insurance product and digital service news:
Transamerica, Baltimore, is providing a new funeral concierge benefit for holders of many Financial Foundation IUL indexed universal life insurance policies, at no direct cost to the policyholders.
The new Concierge Planning Rider provides access to funeral planning and purchasing services from Everest Funeral Package.
The benefit also provides access to online tools for creating and storing wills and other estate planning documents.
Transamerica says that, for some policies, the company will make a portion of the policy death benefits available within as little as three days.
Policygenius, New York, has started offering tools for creating wills and trusts through a mobile app. Consumers can also use the app to shop for life insurance and home insurance. The company is starting out by offering and wills and trusts service in California, Connecticut, Florida, Georgia, Illinois, Massachusetts, Maine, New Jersey, New York and Texas.
Policygenius notes in its terms and conditions document that it’s not acting as an attorney and is simply providing self-help tools.
“We are not a law firm and are not licensed to practice law,” the company says. “We may not, and do not, provide legal representation or advice. No attorney-client relationship is created or intended to be created between you and Policygenius or its employees or agents.”
Erie Family Life Insurance Company, Erie, Pennsylvania, has introduced the ERIExpress Life program.
The program offers consumers access to term life and whole life through a simplified-issue underwriting process.
Erie Family Life is part of Erie Insurance Group, which is best known for offering auto insurance. Erie auto insurance customers can complete the life application process with an Erie agent, over the telephone.
The coverage amounts available range from $10,000 to $500,000.
LifeLine Insurance, Tucson, Arizona, has set up the 4NoExam.com life insurance shopping system. Consumers ages 21 through 55 can use the new system to buy term life coverage, with coverage amounts ranging from $50,000 through $1 million, through an online, simplified underwriting process.
— Read Northwestern Mutual and Knights of Columbus Add Whole Life Policies, on ThinkAdvisor.