COLUMBIA, Tenn.--()--Generation Life, a new technology-based life insurance provider for the online customer, is exceeding initial sales projections by 183 percent since its launch eight weeks ago, company officials said. Generation Life’s parent is Tennessee Farmers Life Insurance Company, a single-state company headquartered in Columbia, Tenn.
“For years Farm Bureau Insurance of Tennessee has been recognized as an industry leader in efficient operations and thus being able to offer quality insurance at affordable rates”
Generation Life offers term and whole life products at www.generationlifeinsurance.com. Professional advisors are available by phone; the underwriting process involves a few questions and an automated underwriting check. No medical examinations are required. Policies can be approved within minutes and the customer pays the premium electronically. Generation Life customers enjoy the convenience of limited underwriting, issuance in minutes instead of weeks, and online policy service.
The company’s products include 10-, 20- and 30-year term life plans and a whole life plan in face amounts up to $250,000. Two other whole life plans, one for final expenses and another with a graded death benefit, are available up to $50,000.
Generation Life is offering policies in 13 initial target state markets: Alabama, Arizona, Arkansas, Colorado, Florida, Indiana, Kentucky, Missouri, Ohio, Oklahoma, Pennsylvania, South Carolina and Wisconsin. Regulatory approval is pending to begin sales in Illinois, Kansas, Louisiana and Virginia. To avoid competition with Tennessee Farmers Life agents, Generation Life products are only available outside Tennessee.
“Our charge was to find a way to expand our footprint outside the borders of Tennessee,” said TFLIC Chief Operating Officer Dennis Stephen. “Using our existing technology platforms, leveraging the power of the internet, and incorporating the expertise of a nationally-respected marketing firm, we are doing just that without a tremendous investment in traditional brick-and-mortar offices. Judging by initial customer response, Generation Life will prosper in an underserved market segment.”
Insurance analyst Conning Research estimates a “coverage gap” -- the difference between what people have in life insurance coverage versus their actual need -- totals more than $10 trillion nationwide. A large percentage of these potential customers are willing to shop for life insurance online but do not want to deal with traditional life insurance underwriting hassles.
Generation Life was developed for that market. The company was formed by acquiring and renaming Congress Life, an Arizona-domiciled company with licenses in 43 states but no existing business on its books. Sales are conducted by Spring Venture Group, a Kansas City-based firm specializing in online lead generation and direct response marketing.
All Generation Life policies are underwritten and administered in Columbia by Tennessee Farmers Life. TFLIC is affiliated with the Tennessee Farm Bureau and is marketed in the state under the trade name Farm Bureau Insurance of Tennessee. TFLIC was established in 1973, has $28 billion of life insurance in force, has nearly $1.7 billion in assets, and has been Tennessee’s top writer of individual life policies for many years. Industry ratings include A+ (Superior) from A.M. Best, and top-50 rankings from both Ward’s Group and Weiss Ratings.
“For years Farm Bureau Insurance of Tennessee has been recognized as an industry leader in efficient operations and thus being able to offer quality insurance at affordable rates,” said Chief Executive Officer Sonny Scoggins. “With the launch of Generation Life, we are not only increasing efficiency but also adding new levels of innovation to our business model.”