North American Company Expands Availability of WriteAway SM Accelerated Underwriting
North American Company for Life and Health Insurance® has announced the expansion of WriteAway Accelerated Underwriting to permanent life insurance products. Previously offered only on term products, this faster and less invasive process allows for a simple online application process with an underwriting decision to be made in as little as 48 to 72 hours. The process can also eliminate the need for invasive lab tests and paramedical examinations.
“WriteAway was designed to meet the demands of today’s digital consumer. Not only do they want to secure competitively priced life insurance, but they also want to avoid dealing with the hassle of going through an invasive paramedical exam and labs if possible,” said Garth Garlock, North American Company’s senior vice president and chief distribution officer.
The new underwriting process is designed to gather information from a short phone interview and publicly available data. People 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 producer using North American Company’s e-app system, SimpleSubmit®, which will include a few simple prequalification questions to determine the person’s eligibility. If the applicant meets all of the requirements, the process will continue with a short phone interview, they will typically get a decision in 48 to 72 hours.
“We think our distribution partners and their clients will love this new underwriting process,” said Garlock. “Financial professionals can now offer clients who qualify a simple application process for life insurance protection that is less invasive, and the quicker processing also allows them to get their compensation faster, as well.”
In addition to North American Company’s ADDvantage® Term life insurance products, WriteAway is now available on Custom Guarantee® Universal Life, Builder IUL®, Builder Plus IUL, Rapid Builder IUL®, and Guarantee Builder IUL®.
