AIG Life and owners of the British Seniors Insurance Agency brand, Neilson Financial Services have struck a three-year partnership to provide life protection products in the UK over-50s market.
From today (1 May), AIG Life is the sole life insurance provider for protection products distributed direct to consumers aged 50 plus, under the British Seniors insurance Agency brand.
AIG also has partner relationships to provide life and critical illness protection for NFU Mutual, Royal Bank of Scotland, NatWest and Ulster Bank customers.
The Guaranteed over 50s Life Insurance product sold under the British Seniors Brand, relaunched by AIG and Neilson is available as level insurance on sums assured up to £20,000 or increasing insurance on sums assured of up to £15,000.
It includes a new feature; policyholders have the option of taking a 50 per cent payout of the sum assured if they lapse their insurance beyond the age of 80 or if they have held it for more than 15 years.
Adam Winslow, chief executive of AIG Life, said: "Working with British Seniors insurance agency expands our distribution footprint and is further evidence of our expertise in building successful relationships and becoming an increasingly important player in the UK protection market.
"We believe in providing people with simple, convenient and fair protection. We look forward to working with the team at Neilson to ensure we continue to make things better for the customer."
Scott Gallacher, director and Chartered financial planner at Rowley Turton in Leicester, said: "I am very sceptical of over-50s products, as they are not usually good value for money."