Vhi To Enter Life Insurance Market
Vhi broadens its product offering with the launch of a comprehensive & flexible life insurance product
27th April 2016 - Vhi today announced that it has entered the Life Insurance market. The company will offer both new and existing customers comprehensive cover through a flexible and easy to understand product, with a simplified application process for the customer.
Vhi Life will give customers financial protection in the event that they or their partner die during the term of the policy, providing a lump sum to help protect a family’s standard of living. Vhi Life’s proposition is “The Right Cover, made simple by Vhi” and the product will have a unique package of features and benefits while providing excellent value to customers. Vhi Life will be available to purchase over the phone and will be very competitively priced.
Speaking at the Launch of Vhi Life, John O’ Dwyer, Chief Executive, Vhi Group said: “We are very pleased today to announce our entry into the life insurance market. Life insurance fits very well with our overall customer offering and supports our business strategy for the future. The number of people with life insurance in Ireland is low with people significantly underestimating the impact that the loss of a spouse or partner can have on a family’s lifestyle.”
Mr O’Dwyer continued, “We believe there is a strong opportunity to grow the overall life insurance market and we believe that Vhi is in a unique position to leverage our own existing customer relationships, brand strength and direct distribution capability to develop a significant life insurance business. We are very pleased to partner with Zurich Life on this initiative and believe our combined experience offers a compelling proposition for the Irish market.”
Initially Vhi will launch a family focused term insurance product with a comprehensive set of features which offer flexibility so that the customer will be provided with the right cover, both initially and throughout the life of the policy. For example customers will be able to increase their life cover without having to go through a further assessment for key life events such as marriage, promotion, the birth of a child or moving house. They will also allow the customer to extend their cover, without providing any additional medical evidence, regardless of any changes to their health. The underwriting approach will be simpler and more straightforward than the market standard, and the price is very competitive, when compared to products with similar benefits.
The move into life insurance follows the company’s authorisation by the Central Bank of Ireland last year which puts it on a regulatory footing that enables it to move into new markets. It builds on the range of offerings that Vhi already has in the marketplace for its customers which include Vhi Dental, Vhi Swiftcare, Vhi Homecare, Vhi International and Vhi Multitrip. To date, all additional products and services have been in the health arena with Vhi Life the first move into the broader financial services market.
ENDS
Notes to editors:
Vhi is regulated as an insurance intermediary to sell VHI Life and the product will be underwritten by Zurich Life Assurance plc (Zurich Life). Vhi is a tied agent of Zurich Life.
Vhi_Press
27-Apr-2016