According to Loida Abraham, Reframe’s commercial director, Reframe LifeStage, Reframe Financial’s digital insurance offering, now in its programmatic launch, is designed to seamlessly transition between life insurance and long-term care for millennials and Gen Xers.
“The problem we recognize for the young market is that they have so many competing priorities,” she said. “Long-term care is not something they necessarily need immediately.”
LifeStage is supported by the Federal Life Insurance Company, Life and Health Insurance Company, and Swiss Re. The soft launch of the product will affect only six selected distributors, and a wider range in the fall. LifeStage combines indexed universal life insurance, cash benefits, and care benefits.
“There are many other products that offer lifelong and long-term care. But we recognized that life insurance is more important at a younger age,” Abraham said. “We make sure that there is a significant amount of life insurance in the phase of growing family life. But we also recognize that as insured families begin to age, they don’t need as much life insurance and need more long-term care. .”
LifeStage has been built on a proprietary technology platform over the past 12 months. Customers can apply online and receive a coverage decision in minutes, with no lab tests or interviews for applicants under 65 years of age.
“He can use the market, which is the best investment for retirement strategies,” Abraham said. “It was never used in the program due to its complexity. What we’ve done is simplify it and use its power to help consumers meet the needs they want.”
The coverage includes a care advisory program that insured people can use to care for other family members, Abraham said. “They can also help their parents and father-in-law,” she said. “We know that many employees have problems leaving and are concerned about employee productivity. Care counseling services can provide resources for their parents.”