Reliance Mutual has launched a new online brand designed to make it easier for families to get protection, launching a “two-in-one” income protection and life insurance product which is available online and based on a single set of underwriting questions.
The plan allows customers to set the cost and level of cover to what they can afford with the help of online ‘sliders’, Reliance Mutual said.
‘Too ill to work’ is a stripped down version of income protection, which Reliance Mutual said is designed to cover the “essentials” rather than full income replacement, which makes it more affordable. It pays up to a maximum of 60 months’ worth of benefits.
Research by Reliance Mutual revealed that the biggest barrier to families protecting themselves is that “life just gets in the way” and that they are put off by too much complexity.
Mark Goodale, chief executive of Reliance Mutual said: “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 for the new product, branded There-in-One, said: “So many people don’t have protection in place and are failing to insure themselves, yet they wouldn’t hesitate to insure their belongings.
“We understand that this is often because life simply gets in the way, there is so much jargon and many products seem complicated. This is a dangerous combination as paralysis can set in, with people often doing nothing, which is the worst thing.”