excellent overall performance when compared to the norms of the life/health insurance industry
Chicago, IL (PRWEB) February 25, 2004
Plinex, Inc. conducted an extensive Internet Survey with Web Grocery Moms to determine the key features that would be demanded in an On-Line Whole Life Insurance product. The top features in order of rank are - that the insurance policy is issued by a nationally known and trusted company; the premium quote on-line is the premium issued; the product has to have absolute low premium prices; and the price is significantly less as compared to the price of traditional whole life insurance off-line. The results of that Internet Survey serve as the basis for the Life4Mom web site and its whole life insurance product offering.
The Survey also showed that Web Grocery Moms are consumer savvy and inclined to shop around for the best price before buying with 78% seeking quotes on-line and 71% seeking quotes from traditional off-line agents.
ÂThe over-riding feeling was that whole life insurance is better than term insurance, but too expensive,Â Jeffrey McGovern, CEO of Plinex, Inc. said. ÂTraditional off-line selling costs can be in excess of the entire first year annual premium total. Life4Mom slashed its commissions to 5%, which can be an annual premium reduction of up to 40% from traditional off-line premiums, contributing to the absolute low premium prices available through its site.Â
Birks Erskine, EVP of Plinex, Inc. added, ÂA 30 year old woman can purchase a $100,000 whole life insurance policy at a standard rating for less than $50 per month, and the policy provides for tax deferred cash value build-up and constant premiums for the entire life of the woman.Â
The whole life policy has guaranteed cash values, currently calculated using 5.5% interest, the earnings on which are tax deferred. Cash values are not usually available on Term Life Insurance policies. Life4Mom is currently available in nine states but plans to expand to all states later this year.
The whole life policy is underwritten by North American Company for Life and Health Insurance and is marketed exclusively through the Internet.
About Plinex, Inc.
Since its founding in 1999, Plinex, Inc., has executed an exclusive agreement with North American Company for Life and Health Insurance http://www.nacolah.com to underwrite and administer its whole life insurance program available only through the Internet. Its initial web site, http://www.life4mom.com was launched December 1, 2003. It plans to expand distribution to all states in 2004.
About North American Company for Life and Health Insurance
Since 1886, Chicago-based North American Company for Life and Health Insurance has established a tradition of producing quality insurance products. North American's product line is marketed in 49 states and the District of Columbia. A similar portfolio is available in New York through a subsidiary company, North American Company for Life & Health Insurance of New York.
North American is a product-driven company that provides protection-oriented life insurance of superior value to the consumer. With a variety of competitive term and universal life plans available, North American's product portfolio allows consumers to purchase the life insurance plan best suited to their individual needs. Exceptional value places North American among the industry's life insurance leaders.
A.M. Best awarded North American Company for Life and Health Insurance an A (Excellent) rating for "excellent overall performance when compared to the norms of the life/health insurance industry" on September 11, 2002. The A (Excellent) rating is ranked the third highest rating out of fifteen rating categories. North American Company for Life & Health Insurance's continued profitable operations, asset quality, and diversified distribution system are recognized strengths by A.M. Best.
For more information, please visit http://www.life4mom.com or contact the above.
Whole life policy featured on LifeforMom.com is issued on form series LS129A, or state variation. Not all products and features are available in all states. Please see website for further details.
Nacolah.com is a registered servicemark of North American Company for Life and Health Insurance, Chicago, IL.
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