New whole life insurance product offers clients a fast route to protecting their loved ones from the financial burden of final expenses
AmeriLife Group, LLC (“AmeriLife”), a national leader in developing, marketing, and distributing annuity, life, and health insurance solutions, today announced that its agencies and affiliates are now offering SimpliNow LegacySM from AIG (issued by American General Life Insurance Company), a simplified issue whole life insurance product specifically designed for middle-market American seniors.
SimpliNow Legacy was designed to help policyholders lessen the burden of final expenses–including unpaid debt, medical bills or other household costs–on their loved ones. The product offers a unique limited-pay feature and death benefit coverage ranging from $5,000-$35,000. SimpliNow Legacy was created with middle-market Americans (ages 50 to 80 with a household income of $75,000 or less) in mind, including seniors, to help provide this growing demographic an additional layer of financial protection.
For agents, SimpliNow Legacy was built for speed. This product features an instant-decision underwriting process, no post-sale paperwork, and the ability to draft credit card payments in real-time to instantly issue policies. This process includes:
- Electronic applications that tell agents early-on the type of coverage their clients can receive
- Instant underwriting decisions 100% of the time and early in the application process, with no additional underwriting, ever
- Instant issue capabilities for IGO and current dated apps paid with credit cards
- SimpliNow Quoter allows agents to easily quote their clients’ premiums before or during the application process
“In the U.S., the median cost of a funeral is around $9,000*, and many older Americans are doing what they can to avoid passing those expenses onto their loved ones,” said Pat Fleming, Executive Vice President of Product Innovation and Corporate Actuary for AmeriLife. “We’re proud to be one of AIG’s exclusive partners in offering a groundbreaking product that provides consumers with the confidence that their final expenses will be addressed. The speed of the process at the point-of-sale is something that will help our agents work quickly and efficiently to help their clients secure coverage that will aid in preserving their legacies.”
For more information on SimpliNow Legacy, visit www.amerilife.com to get in touch with an AmeriLife agency or affiliate.
*Source: National Funeral Directors Association.