Laya branches out into life insurance

We could see more companies offering cut-price life insurance policies after one of the sector's competitors launched a 'no-frills' product.

Laya branches out into life insurance

We could see more companies offering cut-price life insurance policies after one of the sector's competitors launched a 'no-frills' product.

Laya is launching 'Laya life' which can be arranged online without the need for a medical examination.

Customers of the market's second biggest healthcare provider could avail of the policy for a monthly payment of €10.10.

Dónal Clancy, Managing Director at Laya healthcare said: "We are providing great value health insurance to our almost half a million members for more than 17 years and from today, we are able to offer simple, affordable life insurance.

"We are always looking at opportunities to diversify our business so we can deliver progressive, new, innovative products to our customers."

Laya life is life insurance for people aged 18 to 69 years for a fixed term of between 10 to 40 years.

The insurance provider said once the customer answers a few health questions, the policy provides immediate cover which will pay out a lump sum of up to €200,000 in the event of a policyholder’s death.

Insurance expert at totalcover.ie, Dermot Goode, says the company is trying to come out on top in a tough market.

He said: "Anybody who is in this market will know that there are offers in there now where people are rebating commission and doing all kinds of things to try and get your business, but ultimately they've (Laya) done the research.

"Laya have half a million members and they've all the medical information so they know who to target. So as a business retention tactic, I think it's very clever, and as a cross-selling tactic it is also very clever.

"So it's quite an interesting move."

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