Direct Life has launched a new life insurance comparison service that includes the option to purchase cover immediately, with Aviva the first provider to partner up with the new offering.
The “buy now” option allows users to compare life products from a variety of providers by using a standardised underwriting questionnaire, and then purchase a policy with Aviva by clicking the “buy now” button. The questionnaire contains 8 health and lifestyle questions.
Alternatively, customers can proceed with the full application process for other providers.
While the service currently offers only term product comparisons, Direct Life says it hopes to include critical illness policies in the next three months and will continue to look at how it can include income protection policies in the future.
Aviva is currently the only provider to carry the buy now option, but Direct Life is in ongoing talks to extend this to include other providers.
The service has been launched through Direct Life’s LifeQuote portal for advisers, as well as through aggregator site Confused.com for direct customers.
Direct Life managing director Rob Quayle says: “For too long the industry has been criticised for its intransigence in terms of adopting practices that are now accepted as the norm by consumers who transact with other insurance-based financial service providers.
“Aviva must be commended for this decision as it will help ensure that more people have adequate protection cover, whether they choose to transact through an adviser or direct.”
Aviva chief underwriter Robert Morrison says: “Protection is a critical component of most people’s financial needs and as an industry we need to reduce the complexity that allows customers to purchase life insurance quickly and easily.”