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Quotesmith.com and American Life of New York Announce Groundbreaking Internet Term Life Insurance Distribution Pact; Instant Purchase Capability Now a Reality

Quotesmith.com, Inc. (ticker: QUOT, exchange: NASDAQ) News Release - 4/23/2001


Quotesmith.com and American Life of New York Announce Groundbreaking Internet Term Life Insurance Distribution Pact; Instant Purchase Capability Now a Reality

'Instant Term' Sets New Industry Standard for Speed and Simplicity; Offers Immediate Availability for Insurance Shoppers in 49 States at Quotesmith.com

DARIEN, Ill., April 23 /PRNewswire/ -- Quotesmith.com, Inc. (Nasdaq: QUOT), the only place on earth where you can get instant auto, life, health, dental, disability and long-term care insurance quotes from more than 300 companies, has announced a groundbreaking Internet term life insurance distribution pact with American Life Insurance Company of New York which provides insurance shoppers with low premiums, immediate coverage capability and an entirely paperless process using electronic signatures.

Founded in 1955, American Life is licensed to sell life insurance and annuities in all 50 states and the District of Columbia.

Quotesmith.com founder and CEO, Robert Bland, commented, "We are extremely excited to be offering this revolutionary new term life policy to our customers. This kind of innovation foreshadows the true capabilities and future of insurance on the Internet, where everything can become paperless, from quote to policy issuance. Indeed, this could only happen on the Internet. American Life has clearly made insurance history here by manufacturing and successfully bringing to market a truly paperless and revolutionary family of low-priced, pro-consumer term life insurance plans that are not available through traditional agents or brokers."

Available for coverage amounts of $250,000 to $1,000,000, the American Life Instant Term policy currently offers immediate coverage for qualified applicants for three months, with full term coverage of 10 or 20 years. The entire application process takes just a few minutes. Qualified applicants are then issued a binding quote for three months of full-face coverage, during which time all personal data is validated and coverage may then be extended for the full 10 or 20 years.

About American Life and Inviva

Inviva is a New York-based holding company for the 50-state life insurance and annuity company, American Life Insurance Company of New York. Inviva has developed a wholly new, automated platform to issue and service insurance policies. From quote through application, underwriting, issuance and administration, these products can be issued without "wet" signatures, instantly online and maintained electronically, completely without paper. The Company provides a comprehensive life insurance and annuity solution including: its unique electronic platform for issuing and administering policies; an insurance balance sheet with an excellent rating.

About Quotesmith.com

Founded in 1984, Quotesmith.com owns and operates the industry's largest and most comprehensive insurance price comparison service. The Quotesmith.com Insurance Commerce Platform allows insurance shoppers to instantly view the best prices being offered by more than 300 leading companies, achieve maximum savings and have the freedom to buy from the company of their choice. Quotesmith.com also provides personalized customer service assistance and policy placement services for its customers. Quotesmith.com generates revenues from the receipt of commissions and fees paid by insurance companies.

Cautions about Forward-Looking Statements

Forward-looking statements in this release including, without limitation, statements relating to the Company's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include, among others, the following: Quotesmith.com's limited e-commerce operating history, anticipated losses, unpredictability of future revenues, potential fluctuations in quarterly operating results, seasonality, consumer trends, competition, risks of system interruption, the evolving nature of its business model, the increasingly competitive online commerce environment, dependence on continuing growth of online commerce and risks associated with capacity constraints and the management of growth and other factors described in filings of the Company with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2000. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This communication appears as a matter of information only and is not an insurance solicitation. Accordingly, no employee of Quotesmith.com, Inc. is recommending or endorsing any specific insurance company, coverage or policy type within this communication. Some insurance companies appear at Quotesmith.com for purely informational purposes only and pay no compensation to Quotesmith.com and some insurers pay commissions or fees to Quotesmith.com based upon premium volume or traffic activity produced by Quotesmith.com. Quote availability by state of residence or any other factor is subject to change without notice.

Quotesmith.com is a registered trademark and/or registered service mark of Quotesmith.com, Inc. All other names are trademarks of their respective owners.

SOURCE Quotesmith.com, Inc.

 

CONTACT: Erin Chase of Inviva, 212-255-3046, erin@industrymedia.com , or Will Hemsworth II, Senior Vice President of Quotesmith.com, Inc., 630-515-0170, ext. 213, whemsworth@quotesmith.com /

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