UK-headquartered Reliance Mutual has launched a new online brand called, There, which is aimed at families that provides two covers in one via a combination of too ill to work and life insurance.
According to Reliance Mutual, its There-in-One plan allows them to set the cost and level of cover to what they can afford with the help of the online sliders.
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Reliance said the too ill to work cover has been designed to cover the essentials, rather than full income replacement. It pays up to a maximum of 60 months’ worth of benefits.
Reliance Mutual said its research revealed that the biggest barrier to families protecting themselves is that ‘life just gets in the way’ – and that they are put off by too much complexity.
For this reason, the insurer said its product has been designed to be easy to understand making purchase as simple as possible, and in most cases involving only 11 health and lifestyle questions to gain instant cover.
Additionally, Reliance said unlike other products, in most cases, the too ill to work cover starts pay out on claims that are validated by a GP.
Mark Goodale, chief executive of Reliance Mutual, said: "Innovation in the industry has been stifled by a number of factors including an institutional mindset, cumbersome legacy systems and, to some extent, regulation. Our approach has been a radical one, starting with a blank piece of paper and looking at what people need rather than what is easy to sell."
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By GlobalDataClive Allison, head of member recruitment of There, said: "There is still a perception that protection products are complicated and that insurers will try to wriggle out of claims.
"By creating a product this transparent and straightforward we hope to change attitudes by showing families that we can be trusted and playing our part in bringing Too ill to work and Life cover into the mainstream of families lives like other forms of insurance."
