An
accelerated experience you can count on
We are excited to announce that significant updates are
being made to our underwriting program to ensure we continue to offer
competitive products and a fast, reliable and convenient process.
We are fundamentally changing our accelerated underwriting program and
we will be offering immediate decisions on all cases and more
competitive rates. These updates are being introduced in phases
with the first phase going live August 14, 2023.
In order to enhance our competitiveness and placement
rates we are moving away from our “no exam guaranteed, accelerated
underwriting process” to a completely new underwriting experience
called AcceleRate. Additional enhancements, such as an online application
option, are planned to be introduced in the near future.
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Phase One Changes, Effective August 14, 2023
AcceleRate will provide one seamless application process
for all digitally submitted cases and many great enhancements to our
digital end-to-end Accelerated Underwriting (AU) process with an
immediate decision.
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New AU Eligibility Criteria
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Ages 18-50; face amounts $1,000,000 or
less, all risk classes.¹
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Accelerated underwriting cases that are approved will have no
examination or APS requirements.
Traditional
underwriting cases will require an
examination and potentially an APS.
Please note, if an eligible accelerated underwriting case
does not qualify, it will automatically pivot to
traditional underwriting.
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New application form with updated
reflexive questions designed to support immediate case
decisions.
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New highly competitive term rates offered
across the board with a spotlight on 30-year durations.
New rates will be available for quoting on SBLIAgent.com,
iPipeline, Compulife, Appliclnt, IXN, Winflex,
Techficcient, and VitalTerm on August 14, 2023.
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What You Can Expect
AcceleRate will be introduced August 14, 2023. The
impact of these changes with respect to the accelerated underwriting
process or the term rates that will be applied are covered in the
transition rules below.
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Preparing For the Transition
To help ensure that there is no disruption to the
commitments you make to your clients because of the accelerated
underwriting changes outlined above, we are providing the following
transition guidelines:
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Current Accelerated Underwriting Process
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Any completed application (i.e., full part 1 & 2
with signatures) received at our home office that falls within our
current accelerated underwriting parameters (i.e., ages 18-60, face
amounts $750,000 or less) before August 14, 2023 will be processed
with our guaranteed no medical exam underwriting process.
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New Accelerated Underwriting Process
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Any completed application received at the home office
that falls within our new accelerated underwriting parameters (i.e.,
ages 18-50, face amounts $1,000,000 or less) on or after August 14,
2023 will be processed via our new underwriting program, AcceleRate.
Please note, if an eligible accelerated underwriting case does not
qualify, it will automatically pivot to traditional underwriting and
will require an examination, and potentially an APS.
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As we are implementing core changes to our accelerated
underwriting process, we are unable to support any exceptions to
these guidelines. We recommend that sufficient time is allowed for
the completion (i.e., full part 1 & 2 with signatures) of any
application before August 14, 2023 to ensure it follows the intended
underwriting process and the intended rates are applied.
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Applications for Clients Domiciled in CT
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Please note, our fulfillment centers will initially
only utilize voice signature to complete the application, a DocuSign™
option will be provided in the near future. Therefore,
Connecticut-based accelerated underwriting applications will not be
able to be fulfilled on or after August 14, 2023, until the DocuSign™
option is made available. Its introduction is planned soon.
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Call the SBLI Brokerage Sales Team at 888-224-7254,
option 1 or e-mail brokerage@sbli.com for any questions or
assistance you may need.
Thank you for your continued business.
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¹For term and whole life products.
Advertisement for the education of producers/brokers
only. Not for use with the public. Products and features may not be
available in all states. Policy Form Series #B-56, 21-P-PWL,
21-P-PSPWL. The Savings Bank Mutual Life Insurance Company of
Massachusetts, Woburn, MA. NAIC #70435. © 2023 All rights reserved.
23-4206 06/23.
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