The insurtech startup, which will also go by the name Yulife, will launch later this year to provide life insurance and wellbeing tools to businesses and consumers, delivered instantly via intuitive technology.
All Yulife policies will be underwritten by AIG Life Limited, the UK life insurance arm of insurance giant AIG.
The company is the latest venture of entrepreneur, Sammy Rubin, who founded and floated his first business in his twenties, becoming the youngest director of a listed financial services business in the UK.
He went on to become the founding-chief executive of insurer Vitality Life, before embarking on this new project.
Mr Rubin said: "Life insurance is an incredible product, but the proposition has to evolve to fit the needs of a new generation.
"We are building the world's first lifestyle insurance business to put the customer at the centre.
"Rapid advances in consumer health technology and shifting attitudes mean that people want more from their insurance company. We want to rise to that challenge and help our customers to be the best version of themselves."
Nicola Dryden, partnerships director at AIG Life UK, said: "AIG Life is very excited to be partnering with an innovative, fintech company like Yulife.
"We are always looking for smart and easy ways to help customers take care of their families financially and enjoy better, more peaceful lives. Yulife's fresh thinking does just that and rewards customers for looking after tomorrow."
Julie Lord, chief executive and chartered financial planner at Bridgend-Based Magenta Financial Planning, said: "This sounds like a good initiative, as are any that help people to properly protect themselves, and being able to use simple technology and not have to fight off insistent sales people is a big plus.
"However it is nothing new. Cavendish Online has been offering online protection for many years and has always been the cheapest place to buy life and health cover."