Global insurance firm Zurich is set to launch an investment-linked protection plan for its retail platform, which has been designed particularly for advisers’ clients who require a simple protection solution for their platform investments.
Dubbed as Investment Life Cover (ILC), the proposition will be the first in a series of new solutions it plans over the next 12-18 months.
Planned for debut on 6 January 2014, the ILC has been developed to offer simple life insurance, with no underwriting or medical evidence required.
"Zurich is the only UK provider to offer this kind of simple investment-linked life insurance policy on a platform," the company said in a release.
Based over a five-year period, the life cover will protect the policyholder’s eligible platform investments so that in case of their death Zurich will reimburse to the beneficiaries the difference between the original investment and the value at the point of death.
The insurer said that irrespective of the amount covered, the charge for ILC will be waived for customers during 2014, while from January 2015, a 0.1% annual charge will apply to the eligible investment amount.
Zurich UK Life retail head David White said, "This latest innovation drives at the heart of our ambition to help advisers and their customers manage risk.
"We know making any investment can be a significant undertaking and we hope offering this uncomplicated solution will help those that require the additional cover."