Franklin Madison Offers Life Cover Without Medical Checks
Franklin Madison has started offering Guaranteed Issue Life Insurance, a policy issued by Prudential that needs no health questions, medical exams or waiting period. Eligible consumers can buy up to $50,000 of cover through their financial institution.
Franklin Madison, an insurance marketing company from Brentwood, Tennessee, has made a new product available: Guaranteed Issue Life Insurance, or GI Life. The policy is built to remove the usual hurdles on the way to life cover. Acceptance is guaranteed for eligible consumers, enrollment is simplified and there is no waiting period.
How the policy works
Franklin Madison administers the product, while the policies are issued by The Prudential Insurance Company of America. Applicants are not asked health questions, do not undergo a medical exam and do not have their medical records reviewed. An eligible consumer can buy up to $50,000 of life insurance through his or her financial institution, and beneficiaries receive the payout free of income tax. The benefit is not reduced as the insured person grows older. The company highlights one more feature that, it says, sets the policy apart from many others on the market: an accelerated benefit. An insured person who is terminally ill can draw on part of the sum while still alive.
The gap it is meant to close
Franklin Madison ties the launch to a shortfall in protection among American families. Citing research by LIMRA, it says that one household in three would immediately struggle to pay living expenses if its main earner died. A life insurance payout can go toward funeral costs, the mortgage or rent, groceries and childcare, or simply give a family some room to cope with a hard period.
Chief executive Andrea Heger said the company's focus is on helping financial institutions deliver value to their customers and build stronger financial futures. In her words, the new policy removes many of the obstacles that have traditionally kept people from getting cover: with health questionnaires and medical exams gone, the result is a simple and accessible product that should reach more families. Franklin Madison has been in business for more than 55 years. It supplies insurance products and marketing services through brand partners and works with more than 3,500 financial institutions.
Source: Franklin Madison