A Better Way to Apply for Life Insurance — Contact-Free

Helen Rennie

By Helen Rennie | September 15, 2020

Our buying patterns have certainly changed over the past several months. Disposable masks and hand sanitizer have moved up on our shopping lists. And for many people, so has life insurance. There’s an increased interest in life insurance in our country, as people want to be sure that their family is protected.

But the traditional life insurance buying experience—meeting with a financial professional, completing a paper application and taking a medical exam, providing blood and urine samples—flies in the face of the contactless buying experiences we demand in today’s world.

Contactless Coverage with Personalized Service

Enter ACE—the Accelerated Client Experience, Penn Mutual’s award-winning, end-to-end digital life insurance buying experience that offers consumers convenience, ease of use and quick approvals. I like to call our experience the best of both worlds. We believe that a qualified financial professional provides the guidance you need to make the right decisions about your life insurance coverage. In today’s world, most of our policyholders meet with their financial professional via the phone, Zoom, or other video conferencing platforms, and receive the same level of advice and service as they do face to face.

The financial professional can “sit” side by side with their client, answer any questions and virtually guide them through the online e-application, providing the personalized service clients may want. People up to age 65 and policies up to $5 million, with a standard or better risk class, may require no medical exam or blood or urine samples, making the entire process contact-free.

Ongoing Enhancements Build on the Experience

Since ACE’s introduction in 2017, we have been committed to continuous improvement based on user feedback. To date, we have released more than fifty updates to ACE. With these enhancements, many policies can be issued as quickly as 24 hours or less, compared to a month or more in the old world of paper life insurance applications.

Among the most recent enhancements are a new “informal” process, which allows a prospective client to work even more efficiently with their financial professional by receiving an upfront, instant medical assessment before they formally submit an application. They’ll also receive an indication of the best product and amount of coverage based on their individual circumstances. The administrative burden is eased for the client, and makes the buying process even less invasive.

Our improved juvenile life insurance purchasing process now allows parents or legal guardians to answer questions for their child, helping to simplify a previously cumbersome process.

All new policies are now issued via e-delivery, rather than printing and mailing them overnight. This helps accelerate the process and gives policyholders the opportunity to review their policy with their financial professional virtually.

In addition, policyholders can now e-pay their premium via our client portal. We’ve partnered with a leading financial institution to develop this fully secure feature, which is especially helpful during these contactless days we’re living in. If you’re a Penn Mutual policyholder you can sign up for the client portal on our website.  Once registered, you can access such things as your policy information, current values, and correspondence 24/7/365.

The Future

Coming later this year, our term policyholders will be able to easily convert their term policy to a permanent life insurance policy, with no additional underwriting or evidence of insurability.

As ACE continues to evolve, look for more enhancements that will further improve the life insurance buying experience in ways that are responsive to consumers’ lifestyle and digital needs.

ACE is a game changer for policyholders. Now might be a good time to review your life insurance coverage with your financial professional — and if you don’t have a financial professional, we can help you find one.

To borrow a quote from one of our regional marketing directors, “ACE is a wonderful example of how great technology and great people can make great things happen.”

This post is for informational purposes only and should not be considered as specific financial, legal or tax advice. Depending on your individual circumstances, the strategies discussed in this presentation may not be appropriate for your client’s situation. The information in this material is not intended as tax or legal advice. Always consult your legal or tax professionals for specific information regarding your individual situation.  

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