Term Life Insurance
Term Life with Accelerated Underwriting offers a dynamic, flexible and affordable solution for your clients. Assurity's innovative process uses real-time data. That means a policy can be in your client's hands in just days. More convenience for them – and faster commissions for you.
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How our product and process differs
Many life insurance carriers have been making their best effort to provide a faster, easier way to buy life insurance. Consumers express the traditional process is too long and too tedious for the modern day. At Assurity, we heard this message loud and clear and took steps to make the process faster and easier with our new Term Life Insurance with Accelerated Underwriting.
More options. Less cost. Less time.
There are no trade-offs on time, cost or quality with our new product. Our innovative process uses real-time data to provide instant approvals on up to 50% of applicants who qualify based on age, personal history and face amount requirements.
Here are some highlights:
- Flexible face amounts from $25,000 to $10 million on all underwriting classes
- Overcome client objections by adding a return of premium* benefit rider
- Flexible conversion options
- E-application and accelerated underwriting for faster approvals
About term life insurance
Term Life with Accelerated Underwriting is a competitively-priced term life insurance policy. Premiums are guaranteed level for the initial term period, and may then be renewed at annually increasing rates or converted to a permanent policy. Visit AssureLINK for the full Product and Underwriting Guides along with easy-to-use tools for simple premium quotes and full policy illustrations.
Product Highlights
- Level term periods of 10, 15, 20 and 30 years
- Face Amounts from $25,000 to $10 million
- Accelerated Underwriting and instant decision available up to $500,000 for ages 18-50 and $350,000 for ages 51-65
- Underwriting classes:
- Non-Tobacco - Preferred Plus, Preferred, Standard
- Tobacco - Preferred, Standard
- Premiums based on age of last birthday
- Annually renewable after initial term to age 95
Additional Riders
- Endowment Benefit Rider (also known as Return of Premium Rider)
- Monthly Disability Income Rider
- Accident-Only Disability Income Rider
- Critical Illness Benefit Rider
- Children's Term Rider
- Disability Waiver of Premium Rider
- Other Insured Level Term Rider
Underwriting made easy
With Accelerated Underwriting, all applicants are considered for approval at the time of application without further underwriting; not all will qualify. For those who don't receive instant approval, Accelerated Underwriting seamlessly transitions their applications into a more traditional underwriting process for the same product with the same available premium classes.
1. Submit E-Application
At the end of the app, the client will give permission to gather third-party data and e-sign.
2. Underwriting Decision Engine
Processes publicly available data, such as motor vehicle reports, prescription drug histories and MIB. Underwriting engine provides an instant decision: Approved, Referred to Underwriting or Rejected.
3. Receive an Email with Instant Decision
Applications approved go immediately to policy issue.
Applications referred to Underwriting may require something as simple as an underwriter review or transition into full medical underwriting.
Eligibility Requirements
Common factors that automatically require additional underwriting.
- Face amounts above $500,000 for ages 18-50, over $350,000 for ages 51-65, and all face amounts for ages 66 and above
- Height and weight build outside of allowable limits
- History of bankruptcy in the last 2 years
- DUI or reckless driving charges in the last 2 years
- Prior felony conviction
- High-risk activities or hobbies like private aviation or skydiving
- Prescription drugs taken for, or a history of certain health conditions can trigger additional underwriting. See product highlight sheet for more information.
Tools to help you sell
Term life e-app FAQs
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Two signature options are available to your clients through the Term Life e-app.
- Face-to-Face eSignature: The appropriate method to use when the applicant is physically in your presence during the application process.
- Click-Wrap: An email is sent to the applicant's email address with a link to review the application and apply an electronic signature.
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Yes, you can view, print and wet sign the paper application; however, you will lose the ability to submit the application electronically to Assurity. In doing so, the Accelerated Underwriting decision is no longer available and payment in the form of credit card submission is no longer valid/accepted.
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When you answer "yes" to a health question, the "Search all that apply" box appears. Simply start typing and then pick a choice from the options provided to you. You must choose options from the system- do not type your own word or phrase- or the application will be automatically Referred to Underwriting. The occupation search box works the same way.
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Start typing in the "Search all that apply" box and then pick your applicant's occupation from the choices provided in the system. You must choose from the 12,000+ occupations in the system- do not type your own word or phrase– or the application will be automatically Referred to Underwriting.
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Yes, but only if using the click-wrap signature option, which allows the client to review the application and sign it electronically.
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No, the questions are reflexive and change based on the particular health situation of the applicant. Be sure to complete all of the reflexive questions.
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It's very important for producers to be as accurate as possible when entering the applicant's risk class. The underwriting engine will provide an instant decision for risks class at or above what is entered; however, if the risk class is determined to be lower, the application will be Referred to Underwriting for review.
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Yes, Assurity accepts credit and debit card payments on the Term Life e-app, but not with paper applications.
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During the step called the "eSignature Consent - HIPAA," the producer must collect either a face-to-face or click wrap email signature from the applicant. If using the click wrap email signature process, the applicant must select "notify my agent." The producer must refresh the e-app by exiting out after the HIPAA signature.
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NOT AVAILABLE IN NEW YORK.
This policy may contain reductions of benefits, limitations and exclusions. For costs and complete details of the coverage, please contact your insurance representative or Assurity to review the policy for more information.
Policy Form No. I L1702 and Rider Form Nos. R I1506, R I0827-T, R I1706, R I0762, R I0763, R I1703, R I1705, R I0825-T, and R I1704 are underwritten by Assurity Life Insurance Company, Lincoln, Nebraska.
Assurity is a marketing name for the mutual holding company Assurity Group, Inc. and its subsidiaries. Those subsidiaries include but are not limited to: Assurity Life Insurance Company and Assurity Life Insurance Company of New York. Insurance products and services are offered by Assurity Life Insurance Company in all states except New York. In New York, insurance products and services are offered by Assurity Life Insurance Company of New York, Albany, NY. Product availability, features and rates may vary by state.