Sagicor Life Insurance has introduced SagicorNow, an online distribution platform that it says can issue a policy in 20 minutes without a medical exam.
Coverage up to $500,000 on term life or $250,000 on whole life insurance is offered after users answer five questions in a digital portal. Once approved, the policy can be purchased online, using direct withdrawal from a bank account or credit card.
"Today, we rely on digital platforms more than ever and life insurance needs to keep pace with our lifestyles," said Bart Catmull, president and COO of the company "We recognize life insurance is not a 'fun' topic and for years the processes to buy have been cumbersome and confusing. We wanted to change all of that. To create something that is simple and clear, with no pressure, no poking or prodding, and no waiting for days, weeks, or months to see if you qualify and at what price. Protecting your loved ones is imperative to you, and it is the highest priority for us."
The product is currently available in Florida, Texas and Arizona.
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