Taking banks' fledgling insurance sales efforts to a new level, First Union Corp. and NationsBank Corp. have begun pitching a vast array of low- cost life insurance products via the mail.

In a sharp departure from most banks' direct-mail insurance efforts, the North Carolina giants are offering information and prices on term life insurance policies from as many as 40 carriers. The offerings are being promoted through statement stuffers that instruct customers to call a toll- free number for details.

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