SunLife has launched a Family Life Insurance product, promising simplicity and an intermediary product to follow.
The term insurance offering will be sold direct with optional critical illness cover and will be followed by a new life insurance product to be launched over the next twelve months via selected intermediaries.
The insurer said it launched the product following customer research where 39% valued easy-to-understand products as their most important concern.
The research also showed that many customers who said they could not afford life insurance estimated costs to be in excess of £30 per month for £100,000 of life cover. SunLife believe that offering a "retail experience" will attract disenchanted customers to its products.
Dean Lamble, managing director of SunLife, said, "The leading reasons people don't buy life insurance is they find the process too complicated and perceive the price to be too high.
"We want to transform the market and design products around consumers' needs. More and more consumers are looking for the same retail experience they enjoy when buying non-financial services products.
