Jackson National Life, Lansing, Mich., has developed a simplified term insurance product for sale through banks only.

The policy, JNL SimpleLife, offers bank customers a level premium for 10, 15, or 20 years without a medical examination.

"There is a desire among several of our clients and prospects to have a second-generation product that pays more commission and is just as easy to administer," said Bradley Powell, president of Jackson National's institutional marketing group.

Banks selling the policies will get commissions equaling 90% of the first year's premium, Mr. Powell said. Because the product is meant to be sold in person, a simple paper application form will be distributed with brochures.

Once Jackson National gets the one-page form, it will check the applicant's medical history with the Medical Information Bureau, a Westwood, Mass., company that maintains a health data base. The information bureau is almost as good as a medical exam at screening out potential problems, Mr. Powell said. Approvals are to take no more than two weeks, he added.

Approved applicants will pay a flat premium. A nonsmoking 40-year-old female, for instance, would pay $11.59 monthly for $50,000 of coverage for 10 years. For $100,000 of coverage she would pay $16.63 a month.

Once a policy is issued, it is guaranteed to be renewable until age 95. For convenience, people can have payments deducted from a linked checking account, though there is no cost saving to the consumer, Mr. Powell said.

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