Reliance Mutual has announced the launch of ‘There', an online brand which offers a combination of income protection and life cover.
Reliance Mutual said the There-in-One-Plan, is the first to offer ‘two covers in one' online, via a combination of Too ill to work and Life insurance, with only one set of underwriting questions.
The mutual explained the plan will put customers "in control" by allowing them to set the cost and level of cover to what they can afford with the help of online sliders.
Reliance Mutual also said this means customers can start small if they want to and it can be easily increased or reduced in future if their needs change.
The Too ill to work cover has been designed to cover the essentials, rather than full income replacement, making "more affordable", because it pays to a maximum of 60 months' worth of benefits instead of up to retirement, Reliance Mutual said.
Additionally, the maximum benefit of £1,250 a month is one of the highest in the online direct to consumer market, it added.
The product was also designed to be easy to understand making purchase as simple as possible, in most cases involving only 11 health and lifestyle questions to gain instant cover. In most cases, the Too ill to work cover starts pay out on claims that are validated by a GP.
In addition, one customers have made a valid claim, it will start to pay the exact amount of benefit originally signed up for, even if you've changed job by the time you need to make a claim.
Mark Goodale, chief executive of Reliance Mutual, said: "We are on the customer's side and they will have the reassurance of knowing that we are a Mutual organisation, with no shareholders to satisfy. There is an extension of this ethos, as in designing this product we have listened intently to what families want, need and what will make their life easier.
"Innovation in the industry has been stifled by a number of factors including an institutional mindset, cumbersome legacy systems and, to some extent, regulation. Our approach has been a radical one, starting with a blank piece of paper and looking at what people need rather than what is easy to sell."
Clive Allison, head of member recruitment of There added: "We have deliberately kept this clear and jargon-free, removing as much small print as we possibly could, and there are fewer decision points than usual and a website that is genuinely quick and easy to understand and use."
He added: "There is still a perception that protection products are complicated and that insurers will try to wriggle out of claims. By creating a product this transparent and straightforward we hope to change attitudes by showing families that we can be trusted and playing our part in bringing Too ill to work and Life over into the mainstream of families lives like other forms of insurance."
