UK-based AIG Life has reached an exclusive three-year agreement with British Seniors Insurance Agency owner Neilson Financial Services to provide life protection products to over-50s consumers in the UK.

Under the terms of the deal, the partners will re-launch British Seniors’ “Guaranteed Over 50s” life insurance product with additional features.

The product is available as level insurance on sums assured up to £20,000 or increasing insurance on sums assured of up to £15,000.

The insurance policy also includes a new feature that allows policyholders to select the option of taking a 50% payout of the sum assured if they lapse their insurance beyond the age of 80 or if they have continued it for over 15 years.

AIG Life CEO Adam Winslow said: “Working with British Seniors insurance agency expands our distribution footprint and is further evidence of our expertise in building successful relationships and becoming an increasingly important player in the UK protection market.

“We believe in providing people with simple, convenient and fair protection. We look forward to working with the team at Neilson to ensure we continue to make things better for the customer.”

Neilson Financial Services managing director Dominic Grounsell said: “Having established a reputation for delivering best in class products and gold standard customer service, it’s essential that we work with partners with similar values.

“We look forward to a fruitful future working with AIG and to continuing to provide stand out products and services that offer value and reassurance to customers in the over 50s life market.”