Demand for simplicity leads to new SunLife product

clock • 1 min read

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.

More on Whole of Life

Case Study: RedArc

Case Study: RedArc

Life policy case study

Christine Husbands
clock 09 October 2024 • 3 min read
Industry reacts: FCA market study

Industry reacts: FCA market study

FCA probe welcomed by industry

Cameron Roberts
clock 28 August 2024 • 4 min read
Customers would pay for enhanced terminal illness definition: Guardian

Customers would pay for enhanced terminal illness definition: Guardian

74% of advisers agree

Cameron Roberts
clock 27 August 2024 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read