The life insurance industry has been slow to adapt for the most part. For a short period of time, the digital age seemed to pass it right by. The good news, however is that a few companies are leading the way towards change with an electronic application process. This helps save a lot of time in the life insurance buying process. After all, we get life insurance because we have no clue what will happen tomorrow, so speed and convenience is a must. Let’s talk about which companies can be considered “E” Life insurance.
In summary, here is what defines an “E” Life Insurance company:
- Minimum paperwork
- Electronic Application
- Electronic Signature
We offer all of them so if you’re here to compare life insurance quotes with all of them simply use our quoter and request an application online. Otherwise, let’s dive into which companies offer a simpler process, what separates them from traditional methods, and how they can be better.
How They’re Different From Traditional Companies – Less Paperwork
We’ve all seen those ads:
“Just give us a call on this 800 number and we’ll MAIL you out some paperwork, all you have to do is fill it out and MAIL it back, it’s that easy!” That easy huh? Sounds like a pain in the neck don’t you think? That’s the major difference the e-life insurance companies have, less paperwork. The e-life insurance companies allow for an electronic application process that can be done over the phone with an agent and completed signature by email. A whole lot better than driving around to see your agent or using snail mail.
The Companies
Here is the list of the most common E life insurance companies. While they may not offer the most seamless digital process, they’re a few steps ahead of their competitors for traditional life insurance products.
- MetLife
- American General
- Banner Life
- Voya
- Genworth
- John Hancock
- Transamerica
- Mutual of Omaha
- Americo
- Prudential
- SBLI
- William Penn
- Protective
- Principal
- Assurity
- American National
Here is what you can expect the process to look like:
- Application – This is an electronic application done over the phone with an agent. It will include basic health questions, background history questions and some basic information. You can expect this to take anywhere between 10 to 20 minutes. Which is a whole lot better than waiting in the mail for a paper app you have to do by yourself.
- Medical Exam (maybe) – The next step is a medical exam if you’ve opted for a traditional type of coverage. This will be a typical health exam that takes place at a time and place you choose at no cost to you. Keep in mind this isn’t always a must, some life insurance companies offer no exam products. Those are the companies with a little extra “E.”
- Underwriting – This is the process where you’re qualified for your coverage. Some companies are faster than others when it comes to this. It involves a review of your medical records, exam results and application. Based on many factors the life insurance company will determine your rate. Normally it takes 6 to 8 weeks. But some E-companies will offer approval in as little as two hours to two days.
- Approval – At this point you can expect some paperwork. You will get your policy in the mail and you will have to sign the delivery requirements, agreeing to the policy terms.
That’s what you can expect from most of these companies. Some offer a simpler process than others, but overall most of them have a long way to go before they are truly classified as being fit for the digital consumer. But here are two companies that stand out when it comes to a short glimpse of the life insurance industry’s future.
The Life Insurance Companies With a Little Extra “E”
Most of those companies above offer electronic applications and a few even offer life insurance with no exam. But there are two companies that stand out when it comes to a short glimpse of the life insurance industry’s future. I have found these carriers to be favored by digital consumers, despite sometimes being more expensive. Those companies are Fidelity and Sagicor.
Sagicor Life Insurance – Sagicor is a company that does a completely electronic process with instant approval or within 3 days, depending on the applicant. This is due to the fact that they have automated underwriting and no medical exam required for coverage amounts under $400,000. The only time you’d have to deal with paperwork is once you are approved to sign the delivery requirements.
Fidelity Life Insurance – Fidelity offers an e-application, with e-signature, and 48 hour approval. Like Sagicor there is no medical exam and the underwriting process is also automated. Aside from getting your policy in the mail, you can expect zero paperwork. The only downfall is the coverage is capped at $250,000.
To compare rates with no exam carriers, use our no exam quoter.
How They Can Be Better
The life insurance companies on our list that offer traditional coverage still follow the standard 6 to 8 week underwriting process and still require paperwork toward the end of the approval process. This can be a little more streamlined, but they can only do as much as current technology and regulation allow them to. That is why they still make the cut as E-life insurance companies because they’re offering a much easier process and better service than their competitors, with no need for a paper application.
What the Future Holds
Companies like Sagicor and Fidelity are a glimpse of things to come. I can see most companies moving to a more simplistic, digital process as technological advances continue to improve. With everything, including medical records, getting digitized, the underwriting process will only speed up and the application process will only be faster.
Start Here
InsureChance is here to help usher in the future of life insurance. We represent over 60 A-rated life insurance companies and like to help our consumers streamline the life insurance buying process. Best of all, we do this at no extra cost to you! So simply use our quoter by using the quotes tab above or the quoter on this page. You can shop around with all the life insurance companies with no personal information required. Or if you want us to do the shopping for you, you can call us at 888-492-1967 or hit the chat button below. Welcome to InsureChance!
