News & Insights

2 min read

Life Asset Partners Uses Proformex to Avoid Policy Lapse

Sep 18, 2018 9:58:19 AM

WESTLAKE, Ohio – September 18, 2018 – Proformex, creator of an all-encompassing life insurance policy monitoring platform designed to give insurance agents, advisors, trustees and fiduciaries better oversight and control of their client’s life insurance policies, today announced one of its customer’s success stories. Life Asset Partners, a leading life insurance and financial services firm located in Denver, leveraged the power of Proformex to prevent a client’s policy from lapsing while she was undergoing treatment for stage four cancer.

Among a myriad of hospital bills and doctors’ appointments following her cancer diagnosis, a young mom of three overlooked the most recent quarterly payment on her life insurance policy. As a result, her $1M life insurance policy became subject to lapse.

“My client was out of town with her husband undergoing another round of treatments and surgery when I received an alert that her life insurance policy had entered lapse pending,” said Ben Rainey, Founder and President of Life Asset Partners. “Had I not received that notification through Proformex, my client would not have known until she returned home, and by then it would have been too late. Because I received the alert, we were able to call that day to make arrangements for the missed payment and ensure that the policy remained inforce.”

Proformex’s inforce policy management platform can enable automated alerts that are triggered when a client’s policy stops performing as intended and needs to be reviewed. These alerts can help agents and their clients avoid policy lapse and asset degradation and ensure that the insured’s contract continues to perform as intended.

“This is why we do what we do,” said Mike Pepe, CEO and Founder of Proformex. “Our platform empowers agents and their clients with the information they need to avoid even further damage when they’re in the midst of a vulnerable, chaotic life event such as rigorous cancer treatment. We’re both happy and honored to report that because of the alert generated by Proformex, this client’s policy remains in good standing and she is on her way to beating cancer!”

About Life Asset Partners

Since 2006, Life Asset Partners has been a leading life insurance firm helping to protect the lives and livelihood of hundreds of individuals, families, and businesses. Our clients are the heroes of the story and Life Asset Partners exists to serve and protect them through custom tailored life insurance solutions and world class customer service.

About Proformex

Headquartered in Westlake, Ohio and founded in 2016, Proformex is the provider of on-demand, SaaS solutions to life insurance policy owners, beneficiaries, insurance agents and fiduciaries. Designed to proactively alert customers of potential problems with their life insurance policies, Proformex protects policies against lapsing, degradation and asset erosion. By monitoring five key contract parameters - lapse age, death benefit, premium, crediting rate and Comdex – Proformex offers better portfolio oversight and control. 

Media Contact

Carmen Pepe
866-998-8654
cpepe@proformex.com

Written by Admin

Post a Comment

Featured