Federal Life Partners with Swiss Re and Leading Insurtech Company to Bring a New Digital-First Insurance Solution to Market

The LifeStage product reflects Federal Life’s commitment to innovating in the later life insurance sector

CHICAGO, May 09, 2023 (GLOBE NEWSWIRE) -- Federal Life Insurance Company has partnered with global reinsurer Swiss Re and Reframe Financial, a leading insurtech company, to offer “Reframe LifeStage” – a new kind of insurance plan designed for millennial and Gen X employees that provides a digital front door to greater financial security.

Reframe LifeStage provides families with a first-of-its-kind hybrid policy that features Indexed Universal Life insurance with cash value and long-term care (LTC) benefits and a completely digital, responsive and fast buying experience that fits into their busy lives. The policy is designed to evolve and grow in value over time to meet changing customer needs.

Federal Life has brought the product to market with a six-month soft launch period limited to a select group of distributors until the product is made more widely available later this year. The LifeStage product is currently approved in 34 states and available through worksite employer groups and associations.

“The decision to partner with Reframe Financial on LifeStage aligns with our commitment to finding unique and innovative protection products and interest in working with like-minded companies,” said Bill Austin, chief executive officer for Federal Life. “Both organizations are focused on bold innovation in the insurance industry and providing the next generation of dynamic solutions to protect families and improve people’s lives.”

Invasive underwriting practices, like lab tests and interviews for applicants under age 66, have been eliminated enabling employees to apply online and receive a personalized decision within minutes.

“Finding ways to make life insurance meet the needs of more consumers is a key focus area for us as we strive to close the life insurance protection gap,” said Kim Poulopoulos, Head Life & Health Growth Innovation Americas, Swiss Re. “This offering is powered by Magnum, our automated underwriting solution, together with Reframe’s intelligent tech platform and allows underwriting decisions at the point of sale so consumers know immediately that they have been accepted for coverage. We are delighted to have been able to utilize our product innovation expertise to help bring this offering to market.”