Estate planner Octopus Legacy, part of the Octopus Group, has developed a life insurance offering with Shepherds Friendly that aims to address the widespread lack of estate planning among the British public.
The offering targets the confusion that prevents many families from arranging life and critical illness cover by providing an accessible application process.
Customers are guided carefully through each step with easy-to-follow and jargon-free explanations.
Additionally, drawing on behavioural science and consumer research, the sign-up experience is designed to encourage honesty and reduce anxiety through clear, non-judgemental questions and conversational phrasing.
In focusing heavily on making transparency in disclosure easier for customers, the companies hope to ensure any resulting claims are paid out efficiently.
Octopus Legacy CEO, Sam Grice, said: “When my mum died suddenly in 2016, I was left to manage bills, paperwork and grief all at once.
“Most people take out life insurance to make life easier for those left behind – they don’t want loved ones worrying about money or rushing back to work too soon.
“Partnering with Shepherds Friendly has allowed us to address this and design something quick, simple and human.
“Together, we’ve built something we’re really proud of — policies can be set up online, from home in minutes, giving people immediate peace of mind their families will be provided for.”
This offering was developed in response to data obtained from Octopus Legacy’s ‘death preparedness’ quiz which reported that 54 per cent of UK adults have no life insurance in place, including 43 per cent of people who have both children and a property.
Among under-35s, that figure rises to more than two-thirds (68 per cent).
The companies also revealed those signing up for Octopus Legacy’s life insurance can choose to add on Life Insurance Plus to receive access to the company’s wider estate planning services which includes wills and lasting powers of attorney.
This will sit alongside access to their bereavement concierge service for their family.
tom.dunstan@ft.com
What’s your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com