Best Insurance has launched a new single life protection product in collaboration with Shepherds Friendly, aimed at simplifying the application process and expanding access to life cover for consumers across the UK.
The product is available on a single life decreasing or level term basis and open to UK residents aged 18 to 60, offering lump sum payouts of up to £500,000 on death or terminal illness.
Available for terms between five and 40 years, the policy covers applicants up to age 70, with applications accepted before an individual’s 61st birthday.
Maximum payout levels vary by age, starting at £500,000 for those aged 18 to 45, £400,000 for 46 to 50, £300,000 for 51 to 55, and £200,000 for 56 to 60, with a minimum payout of £10,000.
The product carries no minimum monthly premium and has been designed to make protection more attainable for individuals and families with differing income levels.
Best Insurance and Shepherds Friendly have also streamlined the online application process, which now includes only nine underwriting questions focused on health, lifestyle, and family medical history.
Customers can receive an instant quote and complete their purchase online, while those who prefer personalised assistance can speak directly with Best’s support team.
The product is available to distributors via Best Insurance’s white-labelled model, allowing partners to offer life cover under their own brand within their existing customer journeys.
Supported by Best’s AI-powered Excitare.ai platform and operational infrastructure, the white-label proposition can be implemented within days and includes full FCA support where needed.
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, 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.”
