Best Insurance launches new life product

Protection specialist Best Insurance has launched a new single life product aimed at making the application process simpler and more accessible for consumers looking to take out cover.

The product, which has been developed in collaboration with mutual insurer Shepherds Friendly, is available on a single life decreasing or level term basis only and is open to UK residents aged between 18 and 60. It provides a maximum lump sum of up to £500,000 on death or to those diagnosed with a terminal illness during the term of the policy.

Best Insurance has also scrapped the minimum monthly premium requirement, further consolidating the protection specialist’s commitment to making insurance more accessible to consumers.

The product is available with a minimum term of five years and a maximum of 40. The policy covers applicants up to the age of 70, but all applications must be received before their 61^st birthday.

The maximum payout amounts available are graded according to the age at which the applicant took out the policy and start at £500,000 for 18-45-year-olds. Subsequent maximum payout amounts of £400,000 for 46-50-year-olds, £300,000 for 51-55-year-olds and £200,000 for 56-60-year-olds are also available, while the minimum payout across all policies is £10,000.

Best Insurance and Shepherds Friendly have streamlined the application process, making it faster and easier for customers to get protected. The online product now requires just nine simple underwriting questions focused on health, lifestyle, and family medical history. This short and straightforward digital journey allows customers to receive an instant quote and purchase cover entirely online. For those who would like extra support, Best’s experienced team is also available over the phone to guide customers through the process.

Distribution model

The product is available to distributors through Best Insurance’s white-labelled model. It enables partners to offer life cover directly to their customers under their own brand within their existing customer journeys without the need to develop in-house insurance capabilities. It is fully supported by Best Insurance’s technology and operational infrastructure, offering quick implementation, custom branding and a simplified application process. This approach not only broadens the reach of the product but also supports partners in delivering added value to their customers through accessible, co-branded protection solutions.

The AI & deep learning model of Best Insurance and AI-powered platform Excitare.ai delivers a white-label proposition in days rather than the traditional weeks or months. Best has the infrastructure to provide full FCA support where needed. All these, offered on a pure performance model, will make it compelling to a multitude of digital distribution points to consider life insurance.

Commenting, Kesh Thukaram co-founder at Best Insurance said: “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 said: “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.”

For further information, and to apply for the product, visit the website here.

For further information on the Excitare.ai platform, visit the website here.