The plan provides up to £100,000 of life cover as well as £50,000 of critical illness cover
A guaranteed life plan was launched by protection insurance specialists Hive Insurance Specialists - formerly known as APRIL UK - in July.
All UK residents (excluding Northern Ireland) aged between 18 and 50 are guaranteed under the plan. There is no medical underwriting, acceptance is immediate through Hive's broker portal and it covers up to £100,000 of life cover as well as £50,000 of critical illness cover.
The insurer said that it is likely to appeal to broker clients who would normally find it difficult to obtain cover without high premium costs. For example, those with pre-existing medical conditions, in high-risk occupations and/or participating in high-risk sports.
Hive Insurance Services said the plans are "as affordable as possible", with premiums for a non-smoker, aged 18-50 and at £100,000 starting at £22.69 a month. Hive added that premiums won't change for the first five years of the plan.
Isaac Lam, chief executive officer of Hive Insurance Services, comments, "We're delighted to launch this invaluable plan into the market. We're not looking to compete with conventional life insurers with the plan, but to offer a solution in situations where no-one else will accept the client. Too often these types of individual have been neglected by the insurance industry. Now we hope that our inclusive approach means that everyone can get life insurance, no matter their medical history, occupation or hobbies."
