Investec has entered the long-term insurance market. Last week, it launched its Investec Life range of products tailored for its Private Banking clients.
Richard Wainwright, the chief executive of Investec Bank, says that in the development of Investec Life, the company conducted extensive research and analysis to uncover its clients’ life assurance needs.
“We acknowledged that life assurance products are an emotional purchase. Our clients want their lives and loved ones to be financially secure, so a one-size-fits-all approach was never the answer. Investec Life’s emphasis is on products that are easier to understand and use and adaptable to clients’ individual needs, while ensuring comprehensive protection,” Wainright says.
The flagship product of the range is mortgage protection cover for home loan clients. Michael Goemans, the chief executive of Investec Life, says the cover could save clients 20% to 35% in premiums compared with other credit life products. “Premiums automatically adjust every month as our clients pay off their home loans. They only pay for the cover they need,” he says.
The four other products, which are available as a suite or separately, are life cover, disability cover, income protection cover and severe illness cover.