Swedish insurtech JustInCase is looking to offer a no-hassle life cover product, online only and underwritten by Movestic Life. The cover requires no medical for those aged under 50 and is instantly activated once the policyholder is accepted online. Here’s the press info from JustInCase;
Household mortgages have risen at a rapid pace in recent years, but life protection has not kept pace, making Swedish families vulnerable. A combination of complicated application processes and an overconfidence in community protection has led to a third of all families being forced to move away from their homes if one of the family providers dies, according to a recent survey by YouGov.
To create affordable security for everyone in Sweden, JustInCase is now being launched, which focuses entirely on life insurance.
Most people have insurance for the most part, such as fire, theft, damage, burglary and illness, both privately and from employers. According to the survey, 48% lack private insurance for the most important thing in our lives: the family. Swedish insurance companies have rarely chosen to talk about death and life protection with their customers, but have placed their main focus on the home, the car and the pension.
`In many other countries, life insurance cover equal to around 100 months of salary is a given. Life protection in Sweden has lagged behind and needs to be improved. This is an important societal issue as 22% of families say they cannot afford life insurance and a full 39% see no need. The figures clearly show that this is an undervalued problem. We at JustInCase specialize in life insurance and our goal is that all Swedes should be able to obtain affordable life insurance with a sufficiently high insurance amount – safe, secure and without hassle, says Björn Häggelin, CEO of JustInCase.
`We have placed great emphasis on simplifying for people to create financial security for their family. An important part of the simplicity is the pricing model. We have three fixed insurance amounts that are adapted for a life in the 2020s. Everything is clearly packaged in an easy-to-use price tag that gives you a good overview. A few clicks away, life insurance is activated. It will not be faster and easier than this,’ adds Björn Häggelin.