CHICAGO, Jan. 30, 2018 (GLOBE NEWSWIRE) -- North American Company for Life and Health Insurance® announced the introduction of WriteAway Accelerated Underwriting, a faster and less invasive process for issuing a life insurance policy. WriteAway’s highly desirable benefits include a simple online application process that allows an underwriting decision on the application to be made in as little as 48 to 72 hours, and the process can eliminate the need for invasive lab tests and paramedical examinations.
“We created WriteAway knowing that consumers today want to secure life insurance that is competitively priced without potentially dealing with the hassle of going through an invasive paramedical exam and labs,” said Rick Gordon, vice president, corporate underwriting, for Sammons ® Financial Group, an affiliate of North American Company. “WriteAway will appeal to those who not only want affordable protection, but also want it approved quickly.” The application for WriteAway is different than the traditional underwriting process for issuing life insurance policies, Gordon explained. The new underwriting process is designed to gather information from a short phone interview and publicly available data.
People who are 50 or younger, without major medical conditions, meet certain height and weight requirements, and are classified as low risk have the potential to qualify. Individuals can submit an application through their producer using North American Company’s e-app system, SimpleSubmit®, which will include a few simple prequalification questions to determine the person’s eligibility. If the applicant meets all of the requirements, the process will continue with a short phone interview, they will typically get a decision in 48 to 72 hours.
“Both our independently contracted producers and customers will love our new underwriting process,” said Garth Garlock, senior vice president and chief distribution officer. “They are able to offer their qualifying clients a simple application process for life insurance protection that is less invasive, and the quicker processing also allows them to get their compensation faster, too.”
WriteAway is currently available on North American Company’s ADDvantage® Term series life product and will offer it with its other life insurance products later in 2018.
ABOUT NORTH AMERICAN COMPANY
North American Company for Life and Health Insurance is a member of Sammons® Financial Group, Inc. Since 1886, North American has established a tradition of providing quality insurance products to consumers throughout the U.S. We offer a comprehensive portfolio of term, universal life, and indexed universal life insurance products. North American also offers a wide variety of traditional fixed and fixed index annuities and consistently ranks among the top fixed index annuity carriers in the U.S. (Source: Wink Sales & Market Report, 2017). For more information, please visit www.northamericancompany.com.
Sammons® Financial Group is comprised of Midland National® Life Insurance Company, North American Company for Life and Health Insurance®, Sammons Retirement Solutions® Inc. and Sammons Financial Network® LLC, member FINRA.
ADDvantage Term life insurance is issued on policy form series LS174 or state version by North American Company for Life and Health Insurance, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193. Products, features, riders, endorsements, or issues ages may not be available in all jurisdictions. Limitations or restrictions may apply.
PR35-1-18