Jackson National has introduced a simplified life insurance application for banks.
Banks want a shorter application process so they can sell customers life insurance at the same time they sell mutual funds, annuities, and other investment products, said Brad Powell, vice president of the financial institutional marketing group for the insurance company.
The application should take only 10 minutes to fill out, Mr. Powell said. The short-form asks only six questions covering medical history and lifestyle.
The longer form contains subsets requiring more detailed answers. Mr. Powell said two term insurance products take advantage of the shorter application, but the value of those policies are limited to $250,000.