Woburn, MA – The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) has announced the launch of the company’s exclusive partnership with Lifefy (www.lifefy.com) to provide affordable life insurance solutions for underserved consumers through an online platform that offers a fast and easy way to purchase financial protection for one’s family.
Lifefy’s application process can be completed in 10 minutes or less and is completely digital; no follow-up call or physical examination is required, the price is guaranteed, and coverage becomes effective immediately upon completion of the application. If needed, an online chat feature and Resource Center are also available on the site.
Lifefy was created with a focus on serving consumer segments that have been overlooked by traditional insurers and agents, including middle-income earners, millennials and culturally diverse populations. Two level-term products designed and underwritten by SBLI for this market will be available exclusively from Lifefy: Simplified Issue Term Life in coverage amounts ranging from $50,000 to $350,000; and Guaranteed Issue Term Life offering $2,500 of coverage, with an Accidental Death Benefit of $150,000.
A Lifefy Simplified Issue Term Life policy includes a complimentary Accelerated Death Benefit that allows the policyholder to receive half of the death benefit while still living, in the event of a diagnosis of a terminal illness. Optional Accidental Death and Waiver of Premium riders also are available for an additional charge. Lifefy’s products are available in most states, including the District of Columbia.
“SBLI is pleased to work with Lifefy to make our customized life insurance solutions accessible to those who need them,” said James Morgan, President and CEO of SBLI. “In Lifefy, we found a partner with extensive experience and an innovative vision of how to reach a new segment of consumers, and who shares our values and commitment to excellence while being aligned with our promise of living up to high standards with every customer we serve.”
“We took our combined knowledge and experience in the U.S. and other countries to build a solution that breaks the barriers of the insurance industry while targeting a new consumer that is usually ignored by traditional channels,” said Alberto Vilar, Lifefy founder and CEO. “Our research shows a significant gap in relevant insurance options for these diverse and fast growing consumer segments and this needs to be addressed,” he added.
About The Savings Bank Mutual Life Insurance Company of Massachusetts
Conceived by future U.S. Supreme Court Justice Louis D. Brandeis, Savings Bank Life Insurance was established in Massachusetts in 1907. The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) is currently licensed in 49 states and the District of Columbia, and is a leading provider of safe, low-cost life insurance products. For more information on The Savings Bank Mutual Life Insurance Company of Massachusetts, visit www.sbli.com or call 1-888-GET-SBLI.
Lifefy is an insurance solutions provider that understands the U.S. multigenerational and multicultural segments, and offers solutions that deliver confidence and financial peace of mind to protect families when unexpected events occur. Lifefy starts at the core, insuring your life through a simple and transparent digital experience and easily allowing you to change coverage as life happens. For more information about Lifefy, please visit www.lifefy.com.