Web Grocery Moms Demand Trust and Price in an On-Line Insurance Survey Conducted for Life4Mom
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.
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.
“The over-riding feeling was that whole life
insurance is better than term insurance, but too expensive,” Jeffrey McGovern,
CEO of Plinex, Inc. said. “Traditional 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.”
Birks Erskine, EVP of Plinex, Inc. added, “A 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.”
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 www.nacolah.com to
underwrite and administer its whole life insurance program available only
through the Internet. Its initial web site, 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 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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Source : http://www.prweb.com/releases/2004/2/prweb106782.htm