Modern Life launches instant quoting for permanent life insurance
New York-based tech-enabled life insurance brokerage for advisors Modern Life announced the release of a feature that enables financial professionals to instantly generate quotes for permanent life insurance products. Available exclusively to advisors using Modern Life’s platform, the instant permanent quoting functionality is available for every type of permanent life insurance product, including whole life, indexed universal life, universal life, and variable products across more than 20 top national carriers.
“Permanent insurance is an invaluable part of the financial protection toolkit, especially for clients with complex estate or business planning needs. In building the fastest path from advice to coverage, we’re streamlining the process for top advisors to deliver superior, sophisticated results for their clients in a fraction of the time.” – Michael Konialian, Modern Life co-founder and CEO.
The permanent life insurance market size is more than four times larger than that of term insurance products, according to trade group LIMRA. To generate permanent quotes, advisors today either rely on legacy software or traditional brokerages where quotes for permanent insurance products can take hours, if not days, depending on the complexity of the case. Instant permanent quoting adds to Modern Life’s existing multi-product quoting experience, which includes instant term quotes and a universal application. Advisors can utilize the Modern Life platform in a way that suits the specific needs of their business or a specific case, from self-service to high-touch brokerage and advanced planning, all within a unified workflow.
“This functionality is a pillar of our larger focus on building the first fully integrated financial protection toolchain for advisors. We’re not only delivering permanent quotes to advisors in record time, but the functionality is integrated into our larger advisor experience, which includes an integrated client fact finder, medical underwriting, proprietary AI tools, and full agency management capabilities.” – Jack Arenas, Modern Life co-founder and CTO.
