The new Simple Life Insurance product will help advisers make sure that more customers are protected financially irrespective of their budget, says Aviva
Aviva introduces Simple Life Insurance product. (Credit: Raysonho @ Open Grid Scheduler / Grid Engine / Wikipedia.org)
British insurance company Aviva has introduced Simple Life Insurance, a new cover to complement its Life Insurance+ policy.
The insurer claimed that the new life insurance product will help advisers make sure that more customers are protected financially irrespective of their budget.
The new product targets clients who do not find time or the desire or finances to buy a comprehensive life insurance cover.
According to Aviva, the new life insurance product offers clients and their families with essential life insurance that comes without any additional options or features, thereby saving their time.
As per the Mintel Term Assurance Report, published in June 2018, 45% of 522 UK adults said that they cannot afford to buy life insurance, while 25% said that they had other financial priorities. The same survey found 19% have been postponing their decision of buying a life insurance cover.
However, 55% of those surveyed indicated that they would take life insurance if there is a simple, low-cost cover.
Aviva claims that Simple Life Insurance is clear and easy for different groups of advisers and their clients.
No medical evidence needed for Aviva Simple Life Insurance
The British insurer said that the product has clear pre-application eligibility questions and an underwriting guide to help with instant decisions. Furthermore, medical evidence is not needed to avail the new life insurance product.
The company said that based on the client’s age, the new life insurance product offers simple banded cover. Clients can view the benefits of the product easily due to the introduction of simplified policy documentation, claimed the company.
Some of the basic support services covered in the product are advance funeral payments, grief counselling, estate administration via MyDigiExecutor, and a bereavement guide. The new life insurance policy also includes gym discounts.
The new life insurance policy will be available on all major adviser protection portals following its launch, said the company.
Aviva protection distribution head Mark Cracknell said: “Simple Life Insurance extends our life insurance proposition to customers whatever their budget or circumstances.
“While our menu proposition will continue to offer an appropriate solution for many advisers and their clients, Simple Life Insurance is an important part of ensuring that we have a range of options to help more people put protection in place.”