Empire Life simplifies access to juvenile life insurance

Insurer changes application process to make buying life insurance for children simple, fast, and easy

Empire Life simplifies access to juvenile life insurance

Empire Life has made it faster and easier for consumers to apply for life insurance coverage for their children and grandchildren.

The insurer said it has introduced a streamlined application process with fewer medical questions and a higher possibility of automatic approvals.

"The pandemic has put a spotlight on life insurance. We've seen more parents and grandparents interested in buying life insurance policies for children, but we heard in the past that getting coverage for children was not always as easy as it could be," according to Mike Stocks, Vice-President and Chief Marketing Officer, Retail for Empire Life.

Since children are young and often have few of the risk indicators that life insurance companies examine when assessing people for coverage, obtaining life insurance for a child should be simple and straightforward in theory. However, the process of insuring children has typically been approached the same way as insuring adults.

To provide a fresh "juvenile experience" for its clients, the company decreased the number of questions and the amount of information collected on their applications by as much as two-thirds.

"[I]n the past, if a child reported they had asthma, they might have to answer up to 20 related questions. Now, it's a maximum of 10 questions," Stocks explained.

Other parts of the application have been simplified by utilizing language that is more appropriate for a child's situation.

Through its automated Fast & Full Life Application process, the business anticipates that most policies for youngsters will now be granted instantly.

Stocks believes that "[m]ost child insurance should now be approved automatically without the need for an underwriter. Whether the customer is meeting their life insurance advisor in person or online, they should have a better experience."