Octopus Legacy has worked with mutual society Shepherds Friendly to develop an new life insurance offering that aims to address the widespread lack of estate planning among the British public.
According to data obtained from Octopus Legacy, part of the Octopus Group, in its ‘death preparedness’ quiz, more than half of UK adults (54%) said they have no life insurance in place, including 43% of people who have both children and a property.
Among under-35s, that figure increased to more than two-thirds (68%).
To address this gap in planning, Shepherds Friendly worked with Octopus Legacy to develop a life insurance product, one that is aimed at making arranging cover simpler and faster – policies take just 15 minutes to complete, on average.
Customers are guided through each step with easy to follow explanations, ensuring they fully understand what level of cover they are choosing.
Drawing on behavioural science and consumer research, Octopus Legacy and Shepherds Friendly also designed the sign-up experience to encourage honesty and reduce anxiety, in part through clear questions and conversational phrasing.
In focusing heavily on transparency in disclosure, the companies said they aim to ensure any resulting claims are paid out efficiently.
Daniel Simpson (pictured), chief innovation officer at Shepherds Friendly, said: “Partnering with Octopus Legacy to develop its new life insurance proposition has been a genuinely rewarding experience. We’re proud to support a brand that’s redefining legacy planning, removing jargon, easing emotional burdens and helping families feel confident about the future.
“This partnership reflects our joint commitment to purposeful innovation, and we’re excited to see it brought to life by a team that truly puts people first.”
Sam Grice, CEO at Octopus Legacy, said: “For many people, life insurance feels complex or distant, so we wanted to make it quick, simple and human.
“With its member-first approach, Shepherds Friendly turned out to be the ideal partner to help us design something centred on customers’ needs.
“Together, we’ve built something we’re really proud of – policies can be set up online in minutes, giving people immediate peace of mind their families will be provided for, and access to our bereavement concierge service through our Life Insurance Plus offering means that customers can support their families not just financially but practically and emotionally too.”
