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New and unique life product launched in conjunction with Ageas Protect
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Follows recent industry findings indicating that over half of UK adults have no life protection
The BGL Group has today announced a move into the Life Insurance market with the launch of a new level-term life cover product for customers. Budget Life Insurance is the UK's first ‘instant' life insurance policy to be made available to customers buying general insurance and removes the need for buyers to go through a lengthy application process or undertake a medical examination. Underwritten by protection specialist Ageas Protect, the new cover is available to customers who purchase home or motor insurance from BGL's in-house Budget brand.
With recent industry research indicating that over half of UK adults have no life cover, the new offering aims to provide instant and affordable cover for customers. The product is designed to make the buying process as simple and clear as possible - with a guaranteed acceptance policy via a quick ‘two click' online purchase process with no underwriting questions. The cover is also available via the Budget contact centre. Budget Life Insurance runs independently from the customer's home or motor cover and with prices from just £4.99* per month, is currently offered with the first three months' cover free.
Andy Bord, Managing Director of Budget, commented: "As a business we are constantly looking for new opportunities to meet our customers' needs. There is a worrying trend towards UK households being underinsured, so we have made our new offering as simple as possible so that it has wide appeal. The existing long and in-depth process of buying life insurance can often put consumers off. We know from our own research that some insurers can ask up to 600 questions before agreeing to cover an individual."
Andy continued: "Life insurance is often just linked to a mortgage, however, people also need to think about their other commitments. This is the first ‘instant' life product sold in this way on the market and its flexibility will ensure customers get the level of cover they require quickly."
Martin Werth, Managing Director at Ageas Protect, added: "The launch of Budget Life Insurance is a significant step in our objective of bridging the protection gap and building consumer confidence, by removing unnecessary insurer complexity. Budget Life Insurance is very simple and easy to understand and, as an add-on to Budget's general insurance, is accessible to a large number of consumers and can be purchased in minutes. We are confident this simple affordable cover will resonate with Budget customers. This latest collaboration further builds on Ageas UK's already successful relationship with the BGL Group."
Budget Life Insurance has a guaranteed acceptance policy (terms and conditions apply) and offers variable levels of cover up to £100k.
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