Principal Financial Group has launched a new digital tool that enables prospective clients to easily purchase term insurance plans in a bid close the life insurance gap in the US.

Dubbed Principal Life Online, the new platform has been designed to streamline buying insurance experience from application submission to the delivery of policy documents.

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The new platform reduces the time taken to buy a terms insurance plan from a traditionally paper-based process to the digital process.

On average, the clients can save up to 30 days that generally take to buy the term insurance plan.

Principal senior vice president of individual life insurance Greg Linde said: “Customers expect a seamless online experience in most places they shop, but insurance hasn’t historically been easy to purchase.

“Principal Life Online helps qualified customers to get covered quicker and with less hassle and helps advisors better serve their clients.”

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Upon getting a ticket from the advisor, Principal emails the online application to the client which is dully filled by the prospective client.

Subsequently, the qualified applicants undergo the accelerated underwriting process that avoids the lab testing for approved individuals.

As soon as the policy is generated, Principal sends the policy document via emails to the customer for review and e-sign. Once completed, the final policy is sent to both the advisor and the client.

Linde added: “Our Principal Life Online process has been a game-changer for the industry. Six in 10 Americans don’t have individual life insurance.

“By making it easier for people to get coverage, we hope to increase the number of Americans who have enough to protect their loved ones.”