Legal and General has launched a direct-to-consumer life insurance policy in partnership with Direct Life.
Initially available on Confused.com, L&G’s Buy Now policy uses Direct Life’s common question set, allowing clients to choose between L&G, Aviva and Beagle Street Buy Now offerings without needing to complete the full medical underwritten journey.
Since Direct Life launched its Buy Now panel in 2014, more than 5,000 policies have been sold with an average sum insured of £150,000.
Buy Now has also proved appealing to clients, with 97 per cent of applications placed on risk compared to 68 per cent on more conventional applications.
John Hyde, Legal & General’s managing director, direct to customer, said: “We’re very excited to be taking this step with Direct Life and very much look forward to working with them to drive forward the development of the journey to deliver the sort of service our customers expect and to grow our market.”
Roy McLoughlin, associate director at London-based Cavendish Ware, commented: “It is great for people that don’t have access to advice. If that is the only way they can get life insurance, that is fine - as long as it is does not come at the expense of advice or looking at complementary products.”
simon.allin@ft.com
