Shepherds Friendly is launching a simplified life insurance product with Octopus Legacy that requires no medical.
The policy aims to address the widespread lack of estate planning among the British public and takes 15 minutes on average to apply for with no lengthy paperwork, the pair said.
The firms said they used behavioural science and consumer research to ensure the sign-up process asked clear questions and used conversational phrasing.
They believed this would encourage honesty and reduce anxiety. They also focused on transparency in disclosure and hoped this will ensure any resulting claims are paid out efficiently.
Research from Octopus Legacy found more than half of UK adults (54%) had no life insurance, including 43% of people who had children and owned a property. Among the under-35s, the figure rose to more than 68%.
Daniel Simpson, chief innovation officer of Shepherds Friendly, said: “This partnership reflects our joint commitment to purposeful innovation, and we’re excited to see it brought to life by a team that truly puts people first.”
Sam Grice, CEO of Octopus Legacy, added: “For many people, life insurance feels complex or distant, so we wanted to make it quick, simple and human.
“Together, we’ve built something we’re really proud of – policies can be set up online in minutes, giving people immediate peace of mind their families will be provided for.”
