For starters, the firms say they can divert an online applicant back to the conventional application process if health issues surface. In addition, the electronic-only systems are mostly limited to people 45 and younger, a subset that has relatively low mortality as cancers and heart diseases typically kill older people. Insurers also typically cap the real-time policies at $1 million to limit their exposure.

http://www.wsj.com/articles/the-latest-gamble-in-life-insurance-sell-it-online-1484217026