Cigna Insurance Services (Cigna), a UK provider of specialist insurance and affinity marketing services, has launched its first stand-alone life insurance product, the Cigna Over 50s Life Plan.

Cigna said the product will be available directly to its customers and via affinity partners. It pays out a one-off cash lump sum to the policyholder’s beneficiaries when they die, and the policy provides up to £40,000 of cover.

The plan has been designed for UK residents, aged between 50 and 75 (inclusive) who are able to pass four health questions, described by Cigna as simple.

This application process, with no further medical underwriting, determines a policyholder’s premium and the sum assured.

According to Cigna, its Over 50’s Life Plan can offer up to 30% more cover or reduced premiums for eligible customers with good medical histories, compared with guaranteed acceptance whole of life plans.

It added that unlike plans offering guaranteed acceptance, there is no moratorium period and Cigna also offers an early claims payment facility.

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The provider said its research shows that affinity partners need better value, simpler and more affordable solutions for life insurance that are convenient for customers to buy.

Cigna CEO Susan Stevenson said: "Demand for whole of life insurance cover is expected to grow strongly over the next few years and this provides an enormous opportunity for the affinity market – we want to help our partners to capitalise on that opportunity."

Stevenson added that Cigna has also created a strong digital platform with "a slick end-to-end customer journey" to enable its affinity partners to meet the fast changing purchase preferences of this market.