CHICAGO, IL, May 2, 2018
Previously available on term products only, the new technology offers 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’re thrilled to meet the needs of today’s life insurance customer,” said Jerry Blair, vice president and chief distribution officer of Midland National. “Customers today seek affordable protection, plus a quick, easy process without extensive lab tests and exams.”
The new underwriting process is designed to gather information from a short phone interview and publicly available data. Adults 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 agent using Midland National’s e-app system, ExactApp®, which includes a few prequalification questions to determine the person’s eligibility. If they meet all of the requirements, the process will continue with a short phone interview, and applicants will typically get a decision in 48 to 72 hours.
“This process benefits both our independently contracted agents and their customers,” said Blair. “They can now offer qualifying clients a smoother application process, and a less invasive way for getting life insurance protection—resulting in faster turnaround times and commission for the agent.”
In addition to Midland National’s Premier Term life insurance, WriteAway is now offered on the Essential Guaranteed® Universal Life 4, XL-CV5, XL-CV Max, XL-EC5, and XL-DB4 permanent life insurance products.
About Midland National
For more than 110 years, Midland National has been an industry leader, crediting the company’s strength to its commitment to stability, innovation and dedicated customer service. Midland National is accredited by the Better Business Bureau, and has earned an A+ (Superior) rating from A.M. Best, a large third-party independent reporting and rating company that rates an insurance company on the basis of the company's financial strength, operating performance and ability to meet its ongoing obligations to policyholders. This rating is the second highest out of 15 categories, was affirmed by A.M. Best for Midland National as part of Sammons Financial Group on July 6, 2017. Founded as Dakota Mutual Life Insurance Company in 1906, Midland National® Life Insurance Company has protected families and preserved legacies for generations. Midland National is one of the leading insurance companies in America. Midland National is a member of Sammons® Financial Group, Inc. With its Annuity Division located in West Des Moines, Iowa and its Life Operations location in Sioux Falls, South Dakota, Midland National operates in 49 states and the District of Columbia through its 12,000 independently contracted licensed sales professionals. For more information on Midland National, please visit https://www.sammonsfinancialgroup.com/our-company/midland-national.
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. Premier Term CS7 (policy form series T142), Essential Guaranteed Universal Life 4 (policy form series L138), XL-CV5 (policy form series L140), XL-CV Max (policy form series L147), XL-DB4 (policy form series L143), XL-EC5 (policy form series L144 and L144W with the Waiver of Surrender Charge), are issued by Midland National Life Insurance Company, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193. Products, features, endorsements, riders or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply.