Securian Financial Group is offering a new program that, it said, would allow many of the “healthiest individual life insurance applicants” to be approved for up to $1 million in coverage in less than 48 hours – without lab tests.
Securian said that its WriteFit Underwriting™ program uses readily-available data to quickly assess an individual applicant's relative mortality – resulting in faster underwriting decisions and coverage for some applicants.
“WriteFit is all about improving the applicant experience,” said Richard Fetter, Securian's director of individual life insurance underwriting. “If an individual appears healthy and all the data we look at through WriteFit tells us we are okay for approval, there is no reason to require an exam or labwork.”
Individuals are eligible for WriteFit Underwriting, according to the company, if they are:
- Age 18 to 54
- Applying for a single-life policy
- Applying for a face amount up to $1 million
- Applying via Securian's “Quick eApp” (an online, as opposed to paper, application)
- Using Securian's tele-interview process
Securian said that information from the tele-interview and a variety of medical and non-medical readily-available data would be used in the underwriting decision. The data includes financial information, court records, property records, motor vehicle reports, and Medical Information Bureau and prescription drug records, according to the company.
Securian's top underwriting classes – Preferred Select and Preferred – are available through WriteFit.
“WriteFit is the next evolution in life insurance underwriting,” said Mr. Fetter. “Securian is improving the applicant experience to encourage more Americans to seek the financial security that only life insurance can provide.”
Learn more: Securian Financial Group.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].