LV= has launched a direct to customer cut down life insurance product.
This is an addition to its income protection and critical illness offerings that are already available online.
The provider says the move is aimed at people looking for a simple, cost-effective way of providing for their loved ones in the event of their death and is designed to allow most customers to be covered online immediately.
The plan is available as either level or decreasing cover, and can be purchased online at LV.com or via the telephone.
It also comes with a terminal illness payout benefit, which means consumers diagnosed with a terminal illness before the end of the plan can opt to be paid out their lump sum prior to death instead (for a slightly reduced amount).
Mark Jones, head of protection at LV=, believes the new product addresses a people who want a simple life insurance product.
However, he did acknowledge the role IFAs can play for more difficult situations.
"Some people may have more complex financial circumstances and in this case we'd suggest that they seek specialist advice from a qualified adviser," he says.
"This product caters for those who don't want advice, and just want affordable, reliable cover."
