Progressive and Fidelity Life launch short-term life insurance
Progressive and Fidelity Life are introducing RAPIDecision Life One, a new one-year term life insurance product designed for first-time life insurance buyers and those looking for life insurance coverage without a long-term commitment.
The new coverage allows consumers to get a quote online by answering five basic health questions . No medical exam or phone call is required, and if approved, customers can get coverage in minutes. Policies start at $7 per month and consumers can select from coverage options ranging from $50,000 to $200,000. At the end of the policy term, customers have the option to purchase a new one-year term policy or explore longer-term options. Policies are underwritten and serviced by Fidelity Life.
The process starts by providing your date of birth, height, weight, and answering a question about tobacco use. Applicants then provide their personal info (address, phone, and email) and proceed to answer five health questions. The next step requires applicants to provide their social security number and add a beneficiary, and the last step asks them for their payment info.
“Our research uncovered an unmet need among younger consumers interested in quick, quality coverage, at an affordable price and without a medical exam, so that’s what we delivered. Developed with millennial consumers in mind and individuals valuing flexibility, the product offers a range of coverage options, and provides philanthropic-minded consumers the option to name a charity as a beneficiary.” – Laura Zimmerman, Fidelity Life CMO.
“Short-term life insurance gives people considering life insurance for the first time a chance to familiarize themselves with the product before committing to a longer-term policy. Getting coverage is quicker and simpler than the typical life insurance process, but still provides ample coverage that could help named beneficiaries cover the costs of things like personal loans, child care, or everyday expenses.” – Drew Purcell, Progressive business development leader.
Bottom Line: Smart.