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Fortis launches life insurance offering with LifeSearch
Fortis has teamed up with UK protection market specialist LifeSearch to launch a UK life insurance offering called Real Life Cover on 8 July.
The product is aimed at plugging the estimated £2.3 trillion life assurance and £190bn per annum income protection gap in the UK.
It combines seven protection covers, plus the added option of unemployment cover, in one package designed to protect people financially against most serious eventualities.
The firms also believe that it will cut down on a lot of the confusion that consumers experience when faced with an array of insurance choices and jargon.
The Real Life Cover plan is made up of two same-size pots of money: the Life Fund and the Living Fund.
The Life Fund will pay out a lump sum if diagnosed with a terminal illness during the policy term whereas the Living Fund has four elements: Income Cover, Critical Illness Cover, Child and Partner Carer's Cover and Recuperation Cover.
Policyholders can make an unlimited number of claims as long as there is money in the fund but the Life Fund is not affected by any claims made to the Living Fund so the full amount is still paid on death or terminal illness.
Tom Baigrie, LifeSearch managing director, said: "Consumers need more than life assurance and yet 70 per cent of the industry's sales provide death only cover.
"From today, Real Life Cover provides more effective protection against almost every eventuality that can destroy your finances. It's easy to follow and is built to be fail safe and clear."
