Ageas Protect has entered the relevant life insurance market, which builds on the launch of its Ageas Business Protection product suite in 2013.
The new individual policy allows businesses to provide life insurance for its employees outside of a group scheme, enabling both the employer and employee to benefit from tax relief advantages, as well as giving the insured employee and their beneficiaries peace of mind that should the worst happen while they are employed, a life insurance benefit will be paid out.
Ageas Relevant Life Insurance offers the following features and benefits:
- Policy written into trust for the insured beneficiaries from the outset, using a discretionary (split) trust to provide the policy benefit should the employee die or be diagnosed with a terminal illness;
- Cover provided for employees aged between 17 – 74 years (maximum age on entry is 71 years);
- Generous maximum sum assured cover limits – between 15 and 25 times salary amount (compared with group schemes, which typically only cover up to four times salary amount);
- Level and increasing (indexation) options available;
- Non-financial benefits included for both the insured and their family, including free medical advice from Best Doctors and child bereavement counselling from Winston’s Wish;
- Terminal illness cover, with no final year exclusion.
Darren Spriggs (pictured), managing director of Ageas Protect, said: “The most important part of any business is its people, and we are delighted to be entering into this important market having designed a product fit for purpose, in conjunction with consumer research and continually listening to financial advisers.
“At Ageas Protect, we maintain our unwavering focus on offering intermediaries a wide range of innovative products, all supported by our flexible underwriting, award-winning online capability and technical support. Having launched Ageas Business Protection last year, which has been extremely well-received, our relevant life insurance is the next stage in Ageas’s drive to provide protection for businesses, and is a welcome addition to our overall proposition.”
