Coming Soon AcceleRate – Starting first phase on August 14, 2023
SBLI is excited to announce that significant updates are being made to its underwriting program to ensure SBLI continues to offer competitive products and a fast, reliable, and convenient process.
SBLI is fundamentally changing our accelerated underwriting program, and they 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 on August 14, 2023.
In order to enhance our competitiveness and placement rates, we are moving away from our “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 SBLI will provide one seamless application process for all digitally submitted cases and many great enhancements to their digital end-to-end Accelerated Underwriting (AU) process with an immediate decision.
What You Can Expect
AcceleRate will be introduced on August 14, 2023. The impact of these changes with respect to the accelerated underwriting process or the term rates that will be applied is covered in the transition rules below.
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 SBLI 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 SBLI will be processed with their guaranteed no medical exam underwriting process.
New Accelerated Underwriting Process
Any completed application received at the SBLI home office that falls within their new accelerated underwriting parameters (i.e., ages 18-50, face amounts $1,000,000 or less) on or after August 14, 2023, SBLI will be processed via their new underwriting program, AcceleRate. Please note if an eligible accelerated underwriting case does not qualify, it will automatically pivot to traditional underwriting and will require an examination and potentially an APS.
As SBLI is implementing core changes to our accelerated underwriting process, their be unable to support any exceptions to these guidelines. We recommend 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 their fulfillment centers will initially only utilize voice signature to complete the application, a DocuSign™ option SBLI 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.
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