Advertisement

LifeSearch claims guarantee pilot with AXA

Tesco is offering free travel insurance for children holidaying with their parents.

The offer applies to customers buying family travel insurance policies in-store or online before the 5th March 2008.

The price of any family travel insurance pack will be the same as a standard policy for a couple.

Protection specialists LifeSearch has linked up with AXA to trial a life product that is guaranteed to pay out on death.

The life insurance product, which is being offered by a pilot group of LifeSearch advisers over the next few months, will guarantee full payment if a claim is made after a two-year period, even if consumers haven’t disclosed important health information on their application form, as they will be underwritten at outset, rather than at claim stage.

The pilot will test the appetite of consumers to buy such a product, which could help to rebuild trust in the industry and give customers real peace of mind.

All applications will be tele-underwritten, which AXA statistics show reduces non-disclosure to just 1.23%, and applicants will undergo a medical.  

LifeSearch and AXA will be reviewing the pilot before deciding whether to offer a guaranteed product on a permanent basis.

Matt Morris, Policy Adviser at LifeSearch, says: “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.”

Iain Mallon, Head of Protection at AXA, says: “We are delighted to team up with LifeSearch to offer this innovative new product. We hope it will help build trust in the market and go some way to closing the huge protection gap that exists in the UK. Our claims philosophy is to pay all valid claims, and this guarantee is an extension of that belief.”

Comment on this page »

Features

Latest news

Chelsea and Westminster named the best place to work in the NHS for 2015

Nuffield Health opens doors of new Cambridge Hospital

Nuffield Health plans to open state-of-the-art diagnostic suite

LifeSearch claims guarantee pilot with AXA
Advertisement
Advertisement
Connect with us on:

This site compiles with the HONcode standard for trustworthy health information