Ageas Protect has entered the relevant life cover market, offering maximum sum assureds of between 15 and 25 times salary.
Relevant life cover allows firms who are too small to qualify for group protection to provide a life policy for employees.
Ageas’ policy can be written into trust for insured beneficiaries from the start of the term. A split trust will provide the policy benefit should the employee either die or be diagnosed with a terminal illness.
The maximum sum assured cover limits range between 15 and 25 times salary. Ageas says group schemes typically cover up to four times salary.
Cover is available on a level or index-linked basis, and includes other benefits such as free medical advice and child bereavement counselling.
Terminal illness cover is also included, with no final year exclusion.
Ageas Protect managing director Darren Spriggs says: “The most important part of any business is its people, and we are delighted to be entering into this important market having designed a product fit for purpose.
“Having launched Ageas business protection last year, our relevant life insurance is the next stage in Ageas’ drive to provide protection for businesses and is a welcome addition to our overall proposition.”
Plan Money director Peter Chadborn says: “I would welcome Ageas Protect to the relevant life market as it is a major insurer. As such, it needs to have a comprehensive suite of products and this addition brings them a step closer to having that.”