The secondary life market may bring some benefits for UK consumers, but important questions still need to be answered around safeguards, governance and outcome monitoring, according to the Protection Distributors Group (PDG).
Its statement came in response to discussions in the protection market following the launch of a new UK proposition by We Buy Life Policy (WBLP). The firm targets policies that would otherwise be lapsed, providing a lump-sum payment to clients. In exchange, WBLP becomes the beneficiary and pays the premiums of the sold policies. WBLP is working on a US offering, but this year witnessed its first foray into the UK market. The PDG said it "did not oppose the principle of a secondary market for life insurance policies" in instances where life cover may no longer be required, such as f...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, key trend analysis and industry insights.
- Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
- Receive breaking news stories straight to your inbox in the daily newsletter.
- Members only access to monthly programme 'The COVER Review'
- Be the first to hear about our CPD accredited events and awards programmes.
