Peterborough’s BGL Group is challenging the traditional over-50s insurance market with its first product aimed at the later-in-life age group.
Insurance giant BGL, of Bakewell Road, Orton Southgate, has just launched its FiftyLife Guaranteed Over 50s life insurance product to meet what it says is a demand for a simplified policy that can be bought without a medical.
The launch comes after the company, which is the owner and operator of iconic brands comparethemarket.com and life insurance provider Beagle Street, carried out months of customer research.
The launch is supported by a national TV advertising campaign that is already under way.
The move comes as the over-50s insurance market enjoys a surge with UK sales rising by more than 12 per cent over the last two years.
But BGL says the market has seen little innovation particularly in the provision of straightforward digital products.
Matthew Gledhill, managing director, FiftyLife, said: “Once again we are challenging an existing marketplace.
“We’ve designed FiftyLife as a low-cost, straight-talking service to offer peace of mind with no mountains of paperwork, medicals or middle men to get in the way.
“We have stripped out complexity and are offering a simple, streamlined online journey backed up by friendly and reassuring customer service, with the ability to talk to a real person seven days a week.”
The company says FiftyLife offers its customers over 50 up to £10,000 of life insurance cover at lower prices than other leading brands.