Author Topic: New trend - Instant approval life insurance  (Read 1301 times)

Offline bades

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Re: New trend - Instant approval life insurance
« Reply #15 on: March 20, 2017, 07:52:19 PM »
Who are they?

Eta: I'm aware this is not breaking news. Even Haven has been around more than a year. I'd be interested to know who else is doing this. For me getting people insured is a calling.

I have sold a similar product from
Principal
I know there are others as well

Offline AsherO

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Re: New trend - Instant approval life insurance
« Reply #16 on: March 20, 2017, 07:52:38 PM »
What risk do you run if you fudge on the questions like many do with CC apps?

Fraud is unlikely since you'll be dead when a claim is filed. IINM After two years I believe they have to pay claims unless they can prove you intentionally lied.
DDF's version of Godwin's Law: As a DDF thread grows longer, the probability of it pivoting to religion approaches 1...

Offline hachover

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Re: New trend - Instant approval life insurance
« Reply #17 on: March 20, 2017, 08:00:36 PM »
Fraud is unlikely since you'll be dead when a claim is filed. IINM After two years I believe they have to pay claims unless they can prove you intentionally lied.

Right. Material misrepresentation is the only way they get out of it after 2 years. If someone says they never smoked but then the autopsy turns up black lungs, all they can do is retroactively change the premium. If someone says they never had cancer and die of cancer, then it's cancelled.

I would recommend being completely honest. The insurance companies can well afford to fight for years in court if they feel like it, even if they know they'll eventually lose. The beneficiaries will not be grateful if they have to fight against a contested policy
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline hachover

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Re: New trend - Instant approval life insurance
« Reply #18 on: March 20, 2017, 08:02:59 PM »
I have sold a similar product from
Principal
I know there are others as well

Principal is similar but not instant. They require a phone interview. Still, it's accelerated and involves no medical exam, so it's far better than traditional.
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline skyguy918

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Re: New trend - Instant approval life insurance
« Reply #19 on: March 20, 2017, 08:14:12 PM »
I assume that Haven doesn't have agents or sell through brokers. But being that they're owned by Mass, if I apply to see a final quote and don't buy, is my info gonna end up in the hands of a Mass agent?
« Last Edit: March 20, 2017, 08:34:20 PM by skyguy918 »

Offline Sport

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Re: New trend - Instant approval life insurance
« Reply #20 on: March 20, 2017, 08:24:44 PM »
Got my li  this way.

Offline hachover

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Re: New trend - Instant approval life insurance
« Reply #21 on: March 20, 2017, 08:27:35 PM »
I assume they Haven doesn't have agents or sell through brokers. But being that they're owned by Mass, if I apply to see a final quote and don't buy, is my info gonna end up in the hands of a Mass agent?

Haven only has direct distribution. I can't promise you that your information won't make it into the hands of the Mass field force, but I think it's unlikely to if you don't buy. The agents aren't interested in the customers that are shopping for policies with premiums of $25/month.
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline bades

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Re: New trend - Instant approval life insurance
« Reply #22 on: March 20, 2017, 08:33:10 PM »
Got my li  this way.

From who ??
😛

Offline Sport

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Re: New trend - Instant approval life insurance
« Reply #23 on: March 20, 2017, 08:40:49 PM »
From who ??
😛
Of course, forgot your plug:
Bades hooked me up with my policy, I had been dragging my feet for years on getting  this taken care of, mainly because I never got around to going to the doc. Until @bades hooked me uo with this policy that required no medical screening.

Offline skyguy918

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Re: New trend - Instant approval life insurance
« Reply #24 on: March 20, 2017, 08:42:49 PM »
I googled the application form number and found Mass's filing for this product in DC - thought I might get a peak at the actuarial memorandum. Unfortunately that's one of the only supporting documents for the filing that doesn't have public access.

Offline hachover

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Re: New trend - Instant approval life insurance
« Reply #25 on: March 20, 2017, 09:01:03 PM »
Of course, forgot your plug:
Bades hooked me up with my policy, I had been dragging my feet for years on getting  this taken care of, mainly because I never got around to going to the doc. Until @bades hooked me uo with this policy that required no medical screening.

Oh, haha. Bades sells? That makes sense.
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline hachover

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Re: New trend - Instant approval life insurance
« Reply #26 on: March 20, 2017, 09:04:35 PM »
I googled the application form number and found Mass's filing for this product in DC - thought I might get a peak at the actuarial memorandum. Unfortunately that's one of the only supporting documents for the filing that doesn't have public access.

Try digging up the compact filing- I would be surprised if anything is redacted. If it's not fully public someone who works at an insurance company could pull it off serff.
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline skyguy918

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Re: New trend - Instant approval life insurance
« Reply #27 on: March 20, 2017, 10:18:48 PM »
Try digging up the compact filing- I would be surprised if anything is redacted. If it's not fully public someone who works at an insurance company could pull it off serff.
No results from compact. It's possible they filed state by state.

Offline yitzf

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Re: New trend - Instant approval life insurance
« Reply #28 on: March 20, 2017, 10:57:26 PM »
Got my li  this way.

+1 (Principal)

Offline BP16

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Re: New trend - Instant approval life insurance
« Reply #29 on: March 20, 2017, 11:37:17 PM »


The agents aren't interested in the customers that are shopping for policies with premiums of $25/month.

Really agents don't run after people that could only afford $25 a month?
#1 that's $300 year so that's $150 commission and they hope that one day they will convert that policy to a whole life policy.