Manulife Financial has created a quick issue term insurance product. Clients may apply online, and there are no medical tests required. The insurer says that, in most cases, clients will receive an answer in one business day.
Manulife launched its Quick Issue Term product on May 4. The online application is underwritten automatically and consists of several qualifying questions that advisors can complete with clients either in person or over the phone.
The product is available to those between the ages of 18 and 50 in amounts ranging from $100,000 to $500,000, with terms of 10 years, 20 years, or to age 65. Premiums, renewals, and face amounts are all guaranteed, and the coverage may be converted to permanent insurance at a later date.
"Manulife Quick Issue Term is designed for today's busy clients and their advisors seeking an easier and faster insurance purchase experience," says David Baker, Assistant Vice President, Insurance Products, Retail Markets, at Manulife. "Like other term insurance products, the client still works with their advisor, but we've drastically reduced the turnaround time by automating the application and underwriting processes."