British Seniors Insurance Agency (BSIA) has launched the first over-50s life insurance product in the UK with a lifetime payback guarantee as a standard product feature.
BSIA, a trading name of UK insurance intermediary Neilson Financial Services, explained that existing over-50s life insurance products can pay out less for many customers than they have paid in, leading consumers to feel this is unfair.
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The intermediary said the British Seniors proposition with the lifetime payback guarantee is the only product in the UK market which pays the cover amount or the total premiums paid – whichever is more.
Dave Sutherland, managing director of Neilson Financial Services, said: "With the lifetime payback guarantee we believe we are on the road to making things better for our customers and ensuring that, on a claim being made, they never get back less than they have paid in, so our customers can’t lose."
British Seniors Insurance products are provided by Scottish Friendly Life Assurance Society.
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