SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has announced the launch of AcceleRate, a new accelerated underwriting experience that distribution partners and customers can count on for speed, reliability and convenience as well as improved rates on term and whole life insurance products.

“We are excited to announce that significant updates are being made to our underwriting program to ensure we continue to offer competitive products and a fast, reliable and convenient process,” said Jim Morgan, President and CEO of SBLI. “We are moving away from our ‘no exam guaranteed, accelerated underwriting process’ to a completely new underwriting experience called AcceleRate, which will provide one seamless application process for all digitally submitted cases and many enhancements to our digital end-to-end accelerated underwriting process.”

Key features of AcceleRate are:

• New lower term rates – In conjunction with the launch of the AcceleRate underwriting program, SBLI is implementing new, highly competitive monthly term insurance rates across the board, with a particular focus on 30-year durations.
• New accelerated underwriting eligibility – Applicants aged 18 to 50 in all risk classes, for term and whole life products with face amounts of $1,000,000 or less, are eligible for accelerated underwriting.
• New accelerated underwriting process – Qualifying accelerated underwriting cases will receive immediate approval with no requirement for a medical examination or attending physician statement (APS); non-qualifying cases will seamlessly pivot to a traditional underwriting process with an examination required. Either way, both distribution partners and their clients can rely on AcceleRate for a fast decision.
• New application form – The AcceleRate application form includes updated, reflexive questions that are designed to support immediate case decisions.

Additional enhancements, such as an online application option, are planned to be introduced in the near future.

“With AcceleRate, distribution partners get a fast, easy and reliable way to do business with higher conversion rates, while eligible customers can protect the ones they love quickly and easily with a streamlined application process and great new term life rates designed to fit any budget. It truly is a win-win,” added Morgan.

Source: Business Wire