Get Ready for SBLI’s New Accelerated Underwriting Program
07-28-2023
SBLI is excited to announce that significant updates are being made to their underwriting program to ensure they continue to offer competitive products and a fast, reliable and convenient process.
SBLI is fundamentally changing their accelerated underwriting program and we will be offering immediate decisions on all cases and more competitive rates. These updates are being introduced in phases with the first phase going live August 14, 2023.
In order to enhance their competitiveness and placement rates SBLI is moving away from their “no exam guaranteed, accelerated underwriting process” to a completely new underwriting experience called AcceleRate. Additional enhancements, such as an online application option, are planned to be introduced in the near future.
Phase One Changes, Effective August 14, 2023
AcceleRate will provide one seamless application process for all digitally submitted cases and many great enhancements to our digital end-to-end Accelerated Underwriting (AU) process with an immediate decision.
| New AU Eligibility Criteria | Ages 18-50; face amounts $1,000,000 or less, all risk classes.¹ |
| New AcceleRate Program |
Accelerated underwriting cases that are approved will have no examination or APS requirements. Traditional underwriting cases will require an examination and potentially an APS. Please note, if an eligible accelerated underwriting case does not qualify, it will automatically pivot to traditional underwriting. |
| New Application Form | New application form with updated reflexive questions designed to support immediate case decisions. |
| New Term Rates |
New highly competitive term rates offered across the board with a spotlight on 30-year durations. New rates will be available for quoting on SBLIAgent.com, iPipeline, Compulife, Appliclnt, IXN, Winflex, Techficcient, and VitalTerm on August 14, 2023 |
What You Can Expect
AcceleRate will be introduced August 14, 2023. The impact of these changes with respect to the accelerated underwriting process or the term rates that will be applied are covered in the transition rules below.
Preparing For the Transition
To help ensure that there is no disruption to the commitments you make to your clients because of the accelerated underwriting changes outlined above, we are providing the following transition guidelines
- Current Accelerated Underwriting Process: Any completed application (i.e., full part 1 & 2 with signatures) received at our home office that falls within our current accelerated underwriting parameters (i.e., ages 18-60, face amounts $750,000 or less) before August 14, 2023 will be processed with our guaranteed no medical exam underwriting process.
- New Accelerated Underwriting Process: Any completed application received at the home office that falls within our new accelerated underwriting parameters (i.e., ages 18-50, face amounts $1,000,000 or less) on or after August 14, 2023 will be processed via our new underwriting program, AcceleRate. Please note, if an eligible accelerated
- No Exceptions: As core changes are being implemented to the accelerated underwriting process, SBLI is unable to support any exceptions to these guidelines. SBLI recommends that sufficient time is allowed for the completion (i.e., full part 1 & 2 with signatures) of any application before August 14, 2023 to ensure it follows the intended underwriting process and the intended rates are applied.
- Applications for Clients Domiciled in CT: Please note, the fulfillment centers will initially only utilize voice signature to complete the application, a DocuSign™ option will be provided in the near future. Therefore, Connecticut-based accelerated underwriting applications will not be able to be fulfilled on or after August 14, 2023, until the DocuSign™ option is made available. Its introduction is planned soon.
Please refer to the transition rules for more information.
Please give our sales team a call at 800.792.6795 if you have any questions or if you need assistance with submitting your next case!