ST. PAUL, Minn.--(BUSINESS WIRE)--Securian Financial has expanded individual life insurance applicant eligibility for its lab-free accelerated WriteFit Underwriting™ program.
Applicants age 50 and under applying for policies1 underwritten by Securian Financial affiliates—Minnesota Life Insurance Company and Securian Life Insurance Company—with face amounts of $2 million or less are now eligible for WriteFit. Applicants ages 51 to 60 applying for polices with face amounts up to $1 million are also eligible.
According to Securian Financial data, 82 percent of the company’s individual life insurance applicants in 2018 would be eligible for WriteFit under the expanded parameters.
“Accelerated underwriting programs like WriteFit are making the life insurance application process easier and faster than ever before,” said John Helberg, Securian Financial’s individual life insurance chief underwriter. “Expanding eligibility for WriteFit will improve the underwriting experience for more people seeking financial security for their families.”
Securian Financial introduced WriteFit in 2016 for applicants under age 54 and policies with face amounts up to $1 million.
Since the program’s inception, Securian Financial has processed more than 26,500 WriteFit applications. In 2018, 65 percent of WriteFit applications were accelerated without labs or exams, applicant placements were 10 to 15 percent higher with WriteFit than with traditional underwriting, and approval times averaged 24 hours.2 Additionally, eligible customers chose WriteFit over traditional underwriting 80 percent of the time.3
Information from a tele-interview and a variety of readily available medical and non-medical data is used with WriteFit.4 The data includes financial information, court records, property records, motor vehicle reports, Medical Information Bureau records and prescription drug records.
Securian Financial’s top underwriting classes—Preferred Select and Preferred—are available through WriteFit. Applicants not accelerated under the program are not automatically declined, but instead are underwritten traditionally using labs and exams.
ABOUT SECURIAN FINANCIAL
At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.
1. Not all individual life insurance policies are eligible for WriteFit Underwriting.
2. After completion of the tele-interview. For eligible customers.
3. These statistics are based on January to October 2018 data. WriteFit and WriteFit Express are available under Securian Financial’s WriteFit Underwriting program. These statistics only apply to WriteFit and are based on Securian Financial’s experience with WriteFit and traditional underwriting.
4. Appropriate consent is obtained prior to data collection and usage.
Please keep in mind that the primary reason to purchase a life insurance product is the death benefit.
Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.
Securian Financial is the marketing name for Securian Financial Group, Inc. and affiliates. Minnesota Life Insurance Company and Securian Life Insurance Company are affiliates of Securian Financial Group, Inc.