MADISON, Wis. ̶ TruStage, CUNA Mutual Group’s consumer brand, announced its simplified-issue term life product has exceeded $1 billion in consumer coverage—double the amount since July.
Unveiled in November 2016, TruStage has expanded its coverage across 49 states as one of the first insurers to offer a term life insurance product to consumers on a completely online platform, the company said.
CUNA Mutual said TruStage’s simplified-issue term life insurance product offers customers a digital, automated application process that can be completed in minutes. Customers must answer just two health questions for TruStage’s entirely automated underwriting platform to generate an instant decision, the company said.
“By melding consumer feedback and retail best practices, TruStage designed this coverage to target younger consumers with a wide range of coverage options to offer protection for home mortgages, children’s education, income replacement and final expenses. Options are presented based on the buyer’s budget, rather than forcing customers to purchase a set coverage amount,” CUNA Mutual Group said.
“Rapidly increasing adoption of our simplified-issue term life insurance product by middle market consumers clearly validates their interest in insurance that is user-friendly, affordable, and convenient to buy,” said Susan Sachatello, senior vice president, TruStage. “Purchasing life insurance is an inherently emotional decision, but with TruStage, it can be as simple as many retail purchases.”
The online application asks for the name of the beneficiary at the beginning of the process and displays it through each step. “This reminds applicants who they are protecting, which is the core purpose of purchasing life insurance,” the company said.
TruStage simplified-issue term life insurance product recently won the 2017 Celent Model Insurer Award in the digital and omnichannel technology category for its ability to improve performance, deliver innovative solutions, and meet market demands when tackling issues that face all insurers today.
“We will continue to focus on improving the process and technology to help underinsured American families build financial security,” added Sachatello.