Prudential Financial has announced an agreement between its individual life insurance business and BancorpSouth to offer MyTerm, a new simplified issue term life insurance policy available through the internet, to BancorpSouth customers.
Through an online automated underwriting process that can be accessed from virtually anywhere, MyTerm delivers a policy in about 10 minutes to qualified customers that can then be saved electronically or printed locally.
MyTerm is not available in all states. It is issued by Pruco Life Insurance Company except in New York and New Jersey, where it is issued by Pruco Life Insurance Company of New Jersey.
The buying process and service of MyTerm, which is targeted to the middle market consumer, are supported by state-of-the-art technology operating in a real-time environment. From a secure web site, customers choose from a 10, 20 or 30-year level term policy with face values between $50,000 and $250,000.
Jim Avery, president of individual life insurance business at Prudential, said: MyTerm provides a fast, easy and convenient way for many consumers to select a high-quality life insurance product that’s well suited for their needs and fits within their budget.