As tipped by Money Marketing last week, the much anticipated entry has seen Fortis team up with LifeSearch with a protection plan called Real Life Cover, designed by the adviser firm.
Aside from this link up, Fortis’ life products will first be launched through a small group of specialist protection IFAs and later rolled out to the whole market.
Real Life Cover combines seven different types of cover including life and income protection with the option of unemployment cover.
The insurer’s second product is Your Life Plan, which is a menu-style protection plan with a choice of term assurance, family income benefit, critical illness cover and income protection.
Fortis’ new UK life insurance business will sit alongside its general insurance proposition which currently has 6.7m customers.
Fortis UK chief executive officer Barry Smith says: “As part of Fortis’ overall strategy for growth, we identified the opportunity to organically enter the UK life market, leveraging the capabilities with the non-life businesses to create a competitive advantage.”
While Fortis and LifeSearch trumpeted its new product, Norwich Union Healthcare ensured that it wasn’t left out of the limelight.
On the same day it unveiled its plans to launch an individual income protection product for the intermediary sales channel.
NU’s Income Protection Solutions will offer guaranteed and reviewable rates and flexibility of options, such as limited benefit terms and retirement ages from 50 to 70.
Marketing propositions manager Nick Homer says the launch affirms its commitment and belief that intermediaries have a critical role to play in helping people understand the need to protect their income.