The product is available on a single life decreasing or level term basis, offering cover to UK residents aged between 18 and 60. It provides a maximum lump sum of up to £500,000 payable on death or on diagnosis of a terminal illness during the policy term.
Best Insurance has also removed the minimum monthly premium requirement, reinforcing its commitment to offering affordable protection to a wider range of customers.
The product offers terms from five to forty years and covers applicants up to age 70, with all applications required before the applicant’s 61st birthday. Maximum payout limits are tiered according to the applicant’s age at policy inception, starting at £500,000 for those aged 18 to 45, £400,000 for ages 46 to 50, £300,000 for ages 51 to 55, and £200,000 for ages 56 to 60. The minimum payout across all policies is £10,000.
The application process has been digitised, requiring just nine underwriting questions.
The product is also being made available through Best Insurance’s white-label distribution model, allowing partners to offer life cover under their own brand within existing customer journeys.
Kesh Thukaram, co-founder at Best Insurance, commented: “We want to make insurance more accessible to every family across the UK, especially for those on lower incomes, and ensure they have a financial safety net in place for life’s unexpected events. We have huge data and technology capabilities to spot trends ahead of time and we saw a product need that the market had not adequately filled.
“By simplifying the underwriting check to just nine easy to understand questions and offering maximum payout amounts of up to £500,000, Best Insurance is broadening its customer reach and continuing to innovate in the Protection and General Insurance markets.”
Daniel Simpson, chief innovation officer at Shepherds Friendly, added: “We’re proud to have worked closely with Best Insurance to understand their customers’ needs and develop this product, combining simple and straightforward underwriting with cover that genuinely delivers on those needs. It’s exciting to see Best Insurance take this innovation to market, underpinned by Shepherds Friendly’s long-standing commitment to providing protection solutions that put people first.”
