Electronic Signature for Life Insurance is Finally Here!
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UPDATED: Aug 12, 2020
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
On June 30, 2000, President Bill Clinton signed the Millennium Digital Commerce Act of 2000, making it legal to utilize digital technology to sign checks, loan applications, and many other legally binding documents. The President was quoted then as saying, “By marrying one of our oldest values — our commitment to consumer protection — with the newest technologies, we can achieve the full measure of the benefits that e-commerce has to offer.”
Nearly eight and a half years later, electronic signature remains the ‘holy grail’ of the online life insurance industry. Direct Marketing companies such as QuickQuote and it peers, have repeatedly asked over the past several years for life insurance companies to provide a process allowing the use of electronic signature technology for term life insurance applications.
And now those efforts have finally paid off as reliastar life insurance company has recently released its e-Signature process for term life insurance applications! We have been using this process with select customers for one month now and are ready to proclaim it the greatest thing since sliced bread (or does the iPhone already own that distinction?). Nonetheless, the process is amazingly simple and offers customers the following benefits:
- Elimination of application mailing time
- No need to physically sign and send back application forms
- Reduced processing times
- Quicker policy approval and delivery
You can view quotes for ReliaStar Life Insurance Company and our other partner companies offering term life insurance. Our licensed Account Managers are also available to answer any questions you have regarding the e-Signature process or the life insurance application process in general.