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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.