AIG Life, the UK arm of New York-based insurance giant American International Group, has launched Instant Life insurance with an application time of less than eight minutes.
The online journey can be completed by the adviser or by the customer on a desktop or any mobile device giving an immediate decision without the need for medical evidence.
AIG Life had launched Over Fifties Life Plan with a range of benefits in an offer to aim the traditional direct to consumer offer into a mainstream adviser product a few weeks ago.
Like their new Over Fifties Life Plan, it’s an opportunity to open up a new revenue stream for advisers with Instant Life.
‘Simple, easy and quick’
Instant Life involves fewer questions than a traditional underwritten product and doesn’t require medical reports giving an immediate decision once the application is completed, which only takes a few minutes, AIG said.
It is available to be used at any time and can be completed by customer or adviser.
If the customer completes the application, AIG said that the company notifies the adviser straight away with the outcome.