Ageas Protect has added a “life of another” option to its existing product range, allowing customers who depend on another person financially to buy cover for that person if they need it.
Customers will be able to choose whether the policy owner or the life assured pays the premium. Policies will offer access to the provider’s Best Doctors service for the life assured, which gives them access to independent second medical opinions on the diagnosis and treatment of serious medical conditions.
The life of another option is available on Ageas’ term assurance, family income benefit and critical illness plans, as well as its low-start term assurance and critical illness products.
Ageas Protect head of marketing and propositions Steve Casey says: “Whether it is friends buying a house together, parents acting as personal guarantors for their child’s loan or a divorcee who relies on their ex-partner for child support payments, there are many situations when someone may have a direct financial interest in another person’s life that they may need to insure.
“Allowing new customers to insure the life of another person makes our products more versatile and complements our existing capability to write policies into trust online.”