DALBAR Identifies Top Web Experiences for Universal Life Policyholders
Firm |
Rank |
Score* |
|||||||||||
Thrivent |
#1 |
79.20 |
|||||||||||
Nationwide |
#2 |
75.87 |
|||||||||||
Ohio National |
#3 |
74.89 |
|||||||||||
Lincoln Financial |
#4 |
74.45 |
|||||||||||
Prudential |
#5 |
71.97 |
|||||||||||
*out of 100 total points |
Self-service options such as updating an address enhance the online experience and 93% of companies offer this convenience. Nearly all allow life insurance premiums to be paid electronically, however, only a third make paying one's premium even more convenient by allowing one-time payments to be made pre-login.
While most firms are making great strides in the online capabilities offered to clients in managing their policies, where firms lack is in the details provided about their product offerings. Most cover the key elements of Universal Life insurance by explaining premium flexibility, uses for cash value and the impact of withdrawals and loans on benefits, but details about insurance fees and charges and specifics on coverage amounts are sparse. In fact, less than 10% provide dollar amounts or calculations when describing the fees associated with a policy. Nationwide dedicates an entire page to explain common life insurance fees and Prudential provides actual charge percentages and dollar amounts, but such detailed fee explanations are uncommon.
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