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Insure.com Teams Up with RBC InsuranceT to Make "Instant Issue Life Insurance" a Reality; Groundbreaking Online Offering Chops Six Week Buying Process down to 15 Minutes

Quotesmith.com, Inc. (ticker: QUOT, exchange: NASDAQ) News Release - 10/03/2003


Insure.com Teams Up with RBC InsuranceT to Make "Instant Issue Life Insurance" a Reality; Groundbreaking Online Offering Chops Six Week Buying Process down to 15 Minutes

Delivering what life insurance buyers want: True "point, click
and buy" functionality takes speed and convenience to the max

Now life insurance shoppers can now buy up to $150,000 of
10, 15 or 20 year level term life coverage online with no medical exam

DARIEN, IL (October 3, 2003) -- Quotesmith.com, Inc. (NASDAQ: QUOT) has today announced the immediate availability of the new RBC ExpressTERM(sm) life insurance plans at its flagship consumer Web site Insure.com. Underwritten by Liberty Life Insurance Company, a wholly-owned subsidiary of Royal Bank of Canada (TSX, NYSE: RY), the RBC ExpressTERM plans are unique in that they can be purchased online without a medical exam.

"RBC Insurance has knocked the cover off the ball here by successfully bringing to market a 15-minute solution for a 6-week industry problem," remarked Quotesmith.com CEO Robert Bland.  "This hassle-free way to buy life insurance could only happen on the Internet and we are delighted to be distributing this innovative family of life insurance policies.  For healthy applicants who can qualify for immediate coverage, RBC Insurance has eliminated three demons of the life insurance purchase process: time delays, mountains of paperwork and the dreaded medical exam.  RBC Insurance has brought to market an entirely new way to buy life insurance.  Early buyer enthusiasm at Insure.com for the new RBC ExpressTERM offerings indicates that RBC Insurance has an online winner on its hands here."

Jim Phillips, Marketing Director at RBC Insurance, remarked, "Quotesmith.com was a natural choice for us when it came time to forge a distribution alliance.  Quotesmith.com is an industry leader with a 19-year track record of serving self-directed insurance customers.  By making our new RBC ExpressTERM plans available at Insure.com, we are able to quickly reach a large audience of serious online insurance buyers."

RBC ExpressTERM has lots to offer life insurance shoppers in terms of safety, speed, convenience and value:

 

  • Safety.  RBC Insurance is the brand name for Liberty Life Insurance Company, which has provided solid, affordable insurance protection since 1905.  Liberty Life Insurance Company is owned by Royal Bank of Canada, the largest bank in Canada.
  • More Safety.  Liberty Life Insurance Company has an "A" (Excellent) rating from A.M. Best.  An "A" rating is Best's third highest out of 16 possible ratings.
  • Selection.  RBC ExpressTERM(sm) offers your choice of a 10, 15 or 20 year rate guarantee.
  • Speedy Decisions.  RBC ExpressTERM offers true online underwriting which gives each applicant an underwriting answer in 15 minutes or less.
  • Coverage Available in Most States.  RBC ExpressTERM simplified issue term life policy, form ET2 (03/03) et al, is offered to residents of every state except AL, KY, MA, NY, PA & VT.  Liberty even offers coverage to Canadian citizens residing in the U.S. (except for Canadian citizens residing in ID, OR & WV).
  • Low, low rates.  RBC ExpressTERM is economically priced.  The table below indicates sample monthly rates which are available to healthy, non-tobacco users as of October 1, 2003:
RBC ExpressTERM Sampler
$100,000 Coverage, Monthly Rates for Non-Tobacco Users


Female Rates
Age   10 YEAR   15 YEAR   20 YEAR
25 $11.44 $11.62 $12.43
30 $12.61 $13.15 $14.24
35 $16.49 $17.75 $19.46
40 $22.62 $24.51 $27.21
45 $30.09 $33.25 $37.66
50 $38.29 $43.16 $50.19
   
Male Rates
Age   10 YEAR   15 YEAR   20 YEAR
25 $15.05 $15.41 $16.22
30 $16.22 $16.85 $18.29
35 $20.81 $22.43 $25.23
40 $28.83 $32.17 $36.85
45 $41.09 $46.49 $54.60
50 $56.85 $66.22 $80.01

 

About Quotesmith.com

Originally founded in 1984 as Quotesmith Corporation, the Company owns and operates Insure.com, a popular online insurance marketplace and consumer insurance information service. Visitors to Insure.com can obtain comparative auto, life & health quotes from more than 200 leading companies and have the freedom to buy insurance from the company of their choice. The Insure.com Web site also provides helpful insurance decision-making tools and calculators and supports an online library of more than 3,000 originally authored insurance articles that are not available from any other single source. Insure.com also provides personalized insurance brokerage and policy placement services for its customers through the use of licensed, in-house agents. Shares of Quotesmith.com trade on the Nasdaq SmallCap Market under the symbol "QUOT."

About RBC Insurance and RBC

RBC Insurance provides a wide range of creditor, life, health, travel, home, auto and reinsurance products to more than five million North American customers. RBC Insurance is a registered trademark of Royal Bank of Canada.

Royal Bank of Canada (TSX, NYSE: RY) uses the initials RBC as a prefix for its businesses and operating subsidiaries, which operate under the master brand name of RBC Financial Group. Royal Bank of Canada is Canada's largest financial institution as measured by market capitalization and assets, and is one of North America's leading diversified financial services companies. It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. The company employs 60,000 people who serve more than 12 million personal, business and public sector clients through offices in North America and some 30 countries around the world. For more information, please visit http://www.rbc.com.

TM Trademarks of Royal Bank of Canada. Source: RBC Financial Group

Contact: RBC Insurance - Amanda Bell, 1-888-526-2056 ext. 61850, amanda.bell@rbc.com.

Notes to Table

Final premiums and coverage availability can vary depending upon age, state availability, height, weight, hazardous activities, personal and family health history. The sample non-tobacco use premiums shown above assume California residency. Premium rates shown and policy forms may vary by state or not be available at all in certain states. This policy does contain, the industry standard two-year contestable and suicide period (1 year in CO and ND) exclusion. All underwriting decisions are subject to standard underwriting considerations including answers to the health questions and information obtained from third party sources. Term life premium rates always escalate after initial rate guarantee period. California and Utah dba Insure.com Insurance Services: CA #0827712, #OA13858; UT #90093.

Cautions about Forward-Looking Statements

This announcement may contain forward-looking statements that involve risks, assumptions and uncertainties pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. This announcement also contains forward-looking statements about events and circumstances that have not yet occurred and may not occur. These forward-looking statements are inherently difficult to predict. Expressions of future goals and similar expressions including, without limitation, "intend," "may," "plans," "will," "believe," "should," "could," "hope," "expects," "expected," "does not currently expect," "anticipates," "predicts," "potential" and "forecast," reflecting something other than historical fact, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Investors should be aware that actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. Reported Web site activity and/or quotes are not necessarily indicative of any present or future revenue. The Company will not necessarily update the information in this press release if any forward-looking statement later turns out to be inaccurate. Potential risks and uncertainties include, among others, declines in the life insurance industry, level of acceptance of purchasing insurance over the Internet by consumers, 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, risks associated with capacity constraints and the management of growth as well as the risks associated with potential terrorism threats and the war in Iraq. More information about potential factors that could affect the Company's financial results are included in the Company's Annual Report on Form 10-K for the year ended December 31, 2002 and the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2003, both of which are on file with the United States Securities and Exchange Commission. Quotesmith.com, Insure.com QuotesmithPro are service marks of Quotesmith.com, Inc. All other names are trademarks of their respective owners. ? 2003 Quotesmith.com, Inc. All rights reserved.

SOURCE Quotesmith.com, Inc.

 

CONTACT: Phillip A. Perillo, CFO, (630)515-0170, ext. 295, phil@quotesmith.com

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