CHICAGO, Jan. 30, 2018 (GLOBE NEWSWIRE) — Midland National® Life Insurance Company announced the introduction of WriteAway Accelerated Underwriting, 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 know that today’s life insurance customer not only wants affordable protection, they want it approved quickly and they don’t want to submit lab tests and exams,” said Rick Gordon, vice president, corporate underwriting for Sammons ® Financial Group, an affiliate of Midland National. “That’s why we created WriteAway. It offers the opportunity for customers to get their life insurance coverage faster by potentially eliminating invasive paramedical exams and labs.” The application for WriteAway is different than the traditional underwriting process for issuing life insurance policies, Gordon explained. 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 will include a few simple 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 is a win-win to both our independently contracted agents and their customers,” said Jerry Blair, Midland National vice president and chief distribution and sales officer. “They can offer their qualifying clients a quick application process, and a less invasive way for getting life insurance protection, which means they get their compensation more quickly.”
WriteAway is currently available on Midland National’s Premier Term life insurance product, but the company has plans to offer it with additional products in its lineup later this year.
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/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 life insurance is issued on policy form series T142 or state version by Midland National Life Insurance Company, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193. Products, features, riders, endorsements, or issues ages may not be available in all jurisdictions. Limitations or restrictions may apply.
Contact: John Myers Associate Vice President Corporate Communications