Federal Life Insurance Company, a provider of insurance and annuity products, has partnered with global reinsurer Swiss Re, and Reframe Financial, a leading InsurTech company, to introduce Reframe LifeStage.
According to the announcement, this new insurance plan is designed for millennials 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 featuring Indexed Universal Life insurance with cash value and long-term care (LTC) benefits and a fully digital, responsive and fast experience purchases that fit into their busy lives.
Invasive underwriting practices, such as lab tests and interviews for applicants under the age of 66, have been eliminated enabling employees to apply online and receive a personalized decision within minutes.
The policy is designed to evolve and grow in value over time to meet changing customer needs, Federal Life said.
“Finding ways to make life insurance meet the needs of more consumers is an important 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 technology platform and enables underwriting decisions at the point of sale so consumers know immediately that they have been accepted for coverage . We are excited to use our product innovation expertise to help bring this offering to market.”
Reframe LifeStage will go through 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 employer groups and associations in the workplace.
Bill Austin, chief executive officer of Federal Life, commented: “The decision to partner with Reframe Financial on LifeStage is consistent with our commitment to finding unique and innovative protection products and interest in working with companies that same mind.
“Both organizations 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.”