New life insurance product trial

Tue, 19 Feb 2008

According to reports in the life insurance news, protection specialist company Lifesearch have teamed up with insurance company AXA to release a trial life insurance product, guaranteed to pay out upon the death of the policyholder .

The product, being piloted by Lifesearch IFAs in the next two months, is designed to guarantee a full payout on all claims following a two-year period, even in the event of non-disclosure on the application. The plan is to test whether consumers are interested in this type of life insurance product.

The results of the pilot will determine whether the two companies progress into offering the product on a more permanent basis. Policy Advisor at Lifesearch, Matt Morris, was reported in the news as commenting: "One of the problems with life insurance is the worry that it might not pay out due to non-disclosure. This product removes any possibility of a claim being declined for this reason. Consumers need to know that if the worst should happen there will be money to pay off their mortgage or look after their family."
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