Unilife Global has teamed up with Guardrisk Life International to make its T100 whole of life term assurance product available to offshore customers.
The product, which is already available in the US, is a traditional whole-of-life insurance contract that pays out a lump sum on death by any cause, or on request when the customer reaches the age of 100, according to Unilife.
Sitting alongside T100 is Unilife’s Level Term Assurance product which provides for between 5 and 30 years’ cover, the company said in a statement.
Unilife sales director and co-founder Stephen Conway said the T100 scheme would suit the international/expat client because it is “a simple, guaranteed, term product with no investment element, there are no caveats needed about growth of underlying investments, and no need for policy or premium reviews, ever”.
The policies are available on a single or joint if basis, in US dollars, British pounds and euros. The product was first launched in Africa in 2015, and in Asia at the start of the year, and is expected to be available in Europe from May, according to Conway.
The policies are are issued by Guardrisk Life International Ltd, a Mauritius insurer that is wholly owned by Johannesburg Stock Exchange-listed MMI Holdings.
The Unilife group was formed in 2010 by Graham Harley Woolford, Jose Aguiar de Neto, Md, and Conway, all of whom are described on the company’s website as veterans of business and the insurance industries. They joined forces in an effort to “create a truly global insurance provider”, providing individuals and organisations “wherever they are in the world” with an extensive and competitively-priced range of products. The company is based in the UK, and has a sizable presence in Africa.