AIG Life has launched a straightforward, level-terms protection offering that provides cover within eight minutes.
The Instant Life product involves an online application process that can be completed by the adviser or the customer on a desktop or any mobile device, giving an immediate decision without the need for medical evidence.
Level-term life cover pays out a fixed sum if the client dies during the policy term, with the payment remaining unchanged throughout the period.
No one can really say they are too busy if it only takes eight minutes to arrange that all-important cover.David MeadAccording to AIG, Instant Life is low-cost, involves fewer questions than a traditionally underwritten product and is available 24 hours a day, seven days a week.
For customers aged 17 to 45 the maximum sum assured that AIG Life offers is £600,000, while for those aged between 46 and 55 it is £350,000.
The cover also comes with a number of benefits, including access to medical advice via the Best Doctors service, bereavement support via the charity Winston’s Wish and a pledge to pay funeral costs.
Vicky Churcher, intermediary director at AIG Life, said: “Everyone's busy these days. People need life cover, but some products are more complicated than they need to be and the process is sometimes considered to be too long.
“With Instant Life we’re offering an alternative - a simple product and a quick and easy process. And, of course, meeting the needs of these customers means AIG Life is increasing the size of the protection market for advisers."
David Mead, chief executive at Surrey-based Future Proof, said: "Once again congratulations to AIG Life who are at the forefront of bringing innovative products to market.
"This makes applying for life cover even easier for advisers and their clients. No one can really say they are too busy if it only takes eight minutes to arrange that all-important cover."
simon.allin@ft.com
