NEW YORK, NY January 7, 2004 -- Thirty-Six minutes could save you $42,000 is what the housewife could have said in being the first to apply totally on-line for the whole life insurance product underwritten by North American Company for Life and Health Insurance (North American) exclusively through Life4Mom.com. The woman spent a total of 36 minutes on-line in qualifying for a quote and completing the entire life insurance application at the site www.life4mom.com. She received her policy December 16.
The $42,000 in savings for the 39-year-old woman is projected over the life of the premium payments for the $100,000 face value policy. It has been calculated using an on-line quote of $1,423 annual premium from another national insurance underwriter* versus the $720 annual premium from North American. The woman further put it on a recurring monthly payment program with her Visa® credit card.
The Life4Mom program provides women (and men) an opportunity to purchase a whole life insurance product that is up to 40% off traditional prices quoted in the marketplace with the key proviso that it all is done through its web site. No agent will call and it can be done 24/7, at hours convenient to the applicant, not the agent. The Life4Mom life insurance policies are only available through the Internet with coverage amounts starting at $100,000 and climbing up to $3,000,000. The whole life policy has guaranteed cash values, currently calculated using 5.5% interest, the earnings on which are tax deferred. Cash values are not usually available on Term Life Insurance policies. Life4Mom is currently available in only eight states but plans to expand to all states by early 2004.
“Our goal started out to make whole life insurance both affordable and attractive to Middle America” Jeffrey McGovern, CEO of Plinex, Inc. said. “We noted that women, especially moms, were under-insured and un-served. Pricing and availability were the reasons. Life4Mom addressed those issues and now with the first policy issued and customer satisfied, we can continue to get the message out to more and more moms.”
Garth Garlock, Senior Vice President, North American, stated, ”We came to the same conclusion as Plinex, Inc., that women have been underserved in the permanent life insurance area, mainly because until the Internet, you could not price and deliver an affordable whole life product in the $100,000 to $300,000 face value range.”
About Plinex, Inc.
Since its founding in 1999, Plinex, Inc., it has executed an exclusive agreement with North American Company for Life and Health Insurance www.nacolah.com to underwrite and administer its whole life insurance program available only through the Internet. Its initial web site, www.life4mom.com was launched December 1, 2003. It plans to expand distribution to all states early in 2004.
About North American Company for Life and Health Insurance
Since 1886, Chicago-based North American Company for Life and Health Insurance has established a tradition of producing quality insurance products. North American's product line is marketed in 49 states and the District of Columbia. A similar portfolio is available in New York through a subsidiary company, North American Company for Life & Health Insurance of New York.
North American is a product-driven company that provides protection-oriented life insurance of superior value to the consumer. With a variety of competitive term and universal life plans available, North American's product portfolio allows consumers to purchase the life insurance plan best suited to their individual needs. Exceptional value places North American among the industry's life insurance leaders.
* Quote was obtained from State Farm insurance company. Rates are believed to be accurate as of December 22, 2003.
Whole life policy featured on Life4Mom.com is issued on form series LS129A, or state variation. Not all products and features are available in all states. Please see website for further details.
Nacolah.com is a registered servicemark of North American Company for Life and Health Insurance, Chicago, IL.
Contact: Jeffrey McGovern
Company: Plinex, Inc.
Phone: 212-983-2630
Email: jmcgovern@plinex.com
This article courtesy of http://www.protectionlifeinsurance.com.
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