As Assumption Life enters the Assured Concern No Medical Life Insurance coverage market, we use this chance to debate their new product with Daniel Audet, Affiliate Vice President for Particular person Insurance coverage and Investments / Gross sales and Advertising and marketing.

Why did Assumption Life determine to get into the Assured Concern market?

Over the previous yr, Assumption Life has developed a aggressive and complete vary of Simplified Concern options, together with protection choices for shoppers who fall within the hard-to-insure class.  

The introduction of Bronze Safety was to fill a niche in our present providing, and supply advisors and shoppers with one of the best different when one other Simplified Concern protection is solely not doable. 

What’s the concern age and face quantity limits for this product? 

• 18 to 80 years of age 
• Protection ranges from $2,500 to $50,000 (Relying on the age of the applicant) 

How does Assured Concern examine to Simplified Concern insurance coverage and who’s the target market for the product?

Whereas we perceive the idea of assured concern is enticing, we consider the sort of product ought to be used as a final resort. Bronze Safety is good for shoppers with extreme well being issues or high-risk life-style who wouldn’t qualify for Simplified Concern options. 

How does the product examine with a few of Assumption Life’s rivals?

Assured concern merchandise are fairly related from service to service, however our efforts have been centered on offering a superb vary of options within the hard-to-insure and simplified concern market, with Bronze Safety being the ultimate piece to make our providing full.  

Bronze Safety options: 

• 3% curiosity on return of premium if demise happens inside the two-year deferral interval.  
• Money Give up Worth and Diminished Paid Up choices obtainable after the fifth anniversary 
• Constructed-in transportation and terminal sickness advantages included 
• Unintended demise profit protection (deferral interval included) 

What different product enhancements have you ever just lately launched?

We’ve got completed an entire redesign of our Simplified Concern suite. Our line up now covers a variety of people and conditions: 

• For older people planning for ultimate bills with everlasting protection, proper as much as age 85, and instant protection with flagship Golden Safety (just lately redesigned), Golden Safety Elite, or with Platinum Safety. 
• For youthful people looking for a better underwriting course of, for his or her momentary (10- or 20-year time period) or everlasting wants, proper from age 18, and instant protection with the Golden Safety Elite and Platinum Safety options.

Whereas we launched many adjustments, our aim was to develop and enhance our simplified concern providing to be extra inclusive, primarily a one-stop-shop for shoppers needing a Simplified Concern resolution.  

We’ve got stored many options that make our providing distinctive, equivalent to increased concern ages, all kinds of instant choices and versatile fee choices.   

Over time, our Assumption Life Simplified Concern options have stood out not just for the standard of the merchandise, but in addition for its superior service and velocity of execution. Which explains why advisors have rated our Simplified Concern Gross sales Course of 4.7 out of 5. 

Moreover, we’ve launched plenty of enhancements on our underwritten merchandise and its riders. 

Concerning the Writer

We thank Daniel Audet, Affiliate Vice President for Particular person Insurance coverage and Investments / Gross sales and Advertising and marketing from Assumption Life for his insights and perspective.