The BGL Group is making its first play in the life insurance sector.
BGL's home and motor insurance brand Budget will launch a new level-term life cover product, Budget Life Insurance.
It comes one and a half years after BGL Group chief executive Peter Winslow told insurancetimes.co.uk that regulatory changes in the life market made it “an interesting opportunity”.
The new product claims to be the UK’s first ‘instant’ life insurance policy to be made available to customers buying general insurance, and buyers won't have to take a medical examination.
It will be underwritten by Ageas Protect and is being made available to customers who purchase home or motor insurance through Budget.
Budget managing director Andy Bord said: “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.”
Ageas Protect's Martin Werth 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."
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