Children’s Mutual has launched a new life insurance plan where premiums are returned to customers if no claim is made.
The Return of Premium Life Insurance policy is being hailed as a unique product which provides a twist on the traditional life insurance plan.
Conventional policies only pay out if the insured person dies during the term of the policy.
With Children’s Mutual’s latest product, however, if the insured does not die during that time all premiums paid will be returned.
Premiums are paid monthly and customers can insure themselves for up to £100,000. Children’s Mutual said it provides a “win-win” situation as it provides protection for loved ones should the worst happen, and money back if it doesn’t.
David White, CEO of the Children’s Mutual, said he believed the product, which was created in partnership with ACE Europe Life, was the only one of its kind in the UK.
He added: “We have worked closely with ACE to develop a form of term insurance that will offer our customers reassurance and value throughout as well as giving them an added reward at the term end.”
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