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Fortis launches UK life business

Fortis is today launching a UK life insurance business to sit alongside its general insurance proposition.

The move was tipped by Money Marketing last week and sees Fortis team up with LifeSearch, which has designed a protection plan called Real Life Cover for the insurer.

Real Life Cover will be available directly to customers through Asda supermarkets.

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, the product designed by LifeSearch 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 says it currently has 6.7 million general insurance customers.

Fortis UK chief executive officer Barry Smith says: “The launch of Fortis Life is another significant step forward for Fortis in the UK, complementing our successful and award-winning range of general insurance propositions.

“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.”

Asda head of insurance Gideon Ingham says: “With consumers facing a tumultuous economic climate and a gigantic £2.3 trillion life and £190bn per annum income protection gap, we believe the launch of Real Life Cover can address a growing problem.”

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