Federal Life Insurance Company, a provider of insurance and annuity products, has partnered with global reinsurer Swiss Re, and Reframe Financial, a top InsurTech company, to introduce Reframe LifeStage.
According to the announcement, this innovative insurance plan has been designed for millennial and Gen X employees, offering a digital-first approach to achieving greater financial security.
Reframe LifeStage provides families with a first-of-its-kind hybrid policy that features Indexed Universal Life insurance with cash value and long-term care (LTC) benefits and a completely digital, responsive and fast buying experience that fits into their busy lives.
Invasive underwriting practices, such as lab tests and interviews for applicants under age 66, have been eliminated enabling employees to apply online and receive a personalised decision within minutes.
The policy is designed to evolve and grow in value over time to meet changing customer needs, Federal Life noted.
“Finding ways to make life insurance meet the needs of more consumers is a key focus area for us as we strive to close the life insurance protection gap,” said Kim Poulopoulos, Head Life & Health Growth Innovation Americas, Swiss Re.
“This offering is powered by Magnum, our automated underwriting solution, together with Reframe’s intelligent tech platform and allows underwriting decisions at the point of sale so consumers know immediately that they have been accepted for coverage. We are delighted to have been able to utilise our product innovation expertise to help bring this offering to market.”
Reframe LifeStage will undergo a six-month soft launch period, limited to a select group of distributors before it becomes more widely available later this year.
It is currently approved in 34 states, and is accessible through worksite employer groups and associations.
Bill Austin, chief executive officer for Federal Life, commented: “The decision to partner with Reframe Financial on LifeStage aligns with our commitment to finding unique and innovative protection products and interest in working with like-minded companies.
“Both organisations are focused on bold innovation in the insurance industry and providing the next generation of dynamic solutions to protect families and improve people’s lives.”