Cigna Insurance services has entered the over 50s market with a partially underwritten whole of life plan offered through its affinity partners.
The Cigna Over 50s Life Plan is designed to offer up to 30% more cover to eligible customers, for the same price as a non-underwritten over 50s plan.
The underwriting will consist of four health questions during the application process, with no further medical underwriting.
The plan will also offer no moratorium period and an early claims payment facility to provide money quickly after death.
The Mintel Whole of Life Insurance Report showed that more than half of over 50s have no form of life insurance.
Susan Stevenson, chief executive of Cigna Insurance Services, said: "The prime reason for doing it was, the research we have done into the life market, and particularly in conversation with our affinity partners, showed that affinity partners were looking for better value for their customers and particularly simpler solutions for the life market."
She added: "We do see it as a great opportunity, we think this compares very favourably with other products in the market for the segments we're targeting and will bring significant additional value and a different approach to the market."
Stevenson said:"Cigna is embracing the digital revolution - we have created a strong digital platform with a slick end-to-end customer journey that will enable our affinity partners to meet the fast changing purchase preferences of this market.
"Our offering will leverage Cigna's considerable global expertise in affinity marketing as we seek to mirror the success we have achieved in the travel market, where we command a top four position.
Further Reading:
Two- fifths of UK employees do not have any life insurance
