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.

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.