Ageas Protect is now allowing protection customers to insure the life of another person through its existing YourLife Plan and Low Start products.
Ageas Protect has added the ‘life of another’ option to its existing products, to allow someone with a personal financial interest in another person’s life to buy protection insurance should they need it.
Personal life of another is available on Ageas Protect YourLife Plan Term Assurance, Family Income Benefit and Critical Illness Cover, as well as Low Start Term Assurance and Critical Illness Cover.
Customers will be able to choose whether the policy owner or the life assured pays the premium and policies will carry Best Doctors for the life assured, giving them access to independent, expert second medical opinions on the diagnosis and treatment of serious medical conditions.
Steve Casey (pictured), head of marketing and propositions at Ageas Protect, said: “Whether it’s friends buying a house together, parents acting as personal guarantors for their child’s loan or a divorcee who relies on their ex-partner for child support payments, there are many situations when someone may have a direct financial interest in another person’s life that they may need to insure.
“Allowing new customers to insure the life of another person makes our products more versatile and complements our existing capability to write policies into trust online.”