A new life insurance product is to be underwritten by Friends Life and available through Virgin Money from today (26 February).
The first in a new range of life insurance products from Virgin Money, cover starts from just £8 a month with a cash lump sum of up to £500,000 available.
Virgin Life Insurance will also give policy holders access to the Best Doctors second medical opinion service and the 24-hour Bupa healthline, which is staffed by experienced nurses.
Colin Williams, managing director of workplace and intermediated at Friends Life, commented: “Most of us don’t like thinking about the worst happening, but having a life insurance product can ensure that if it does, you can leave something behind that will really help your loved ones.”
Earlier this month specialist insurer Cigna announced plans to make a strategic move into the individual UK life insurance market during 2015, while back in October Aegon UK launched a new whole-of-life policy.
Income protection has recently hit the headlines with several commentators stating that it should form part of a mortgage package.
The Association of British Insurers also recently told FTAdviser it is lobbying for legislative changes to the way welfare is delivered to boost the provision of income protection through the workplace, as efforts continue to halt a slide in sales of what is seen as a critical financial planning product.