AIG Life is the new sole provider of life insurance products for Royal Bank of Scotland, NatWest and Ulster NI banking customers.

AIG said it and RBS have been working together to design a new proposition for bank customers.

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The life insurer said this is based on “simple life insurance that offers excellent value for money” and a jargon-free application process that should take less than 15 minutes to complete.

AIG Life said most customers will be asked just 11 questions with the majority being offered instant cover without the need for medical evidence.

The products available from this week’s launch will be

  • Life Insurance;
  • Critical 3 with Life, a simplified and low cost critical illness insurance that meets or exceeds industry-standard definitions of cancer, heart attack and stroke
  • and a guaranteed acceptance whole of life insurance product called Guaranteed Sixty Plus that includes a protected insurance feature so customers who have paid half the premiums due before their 90th birthday receive a partial payout even if they stop paying premiums.

Royal Bank of Scotland, NatWest and Ulster NI customers will be able to buy cover online, in branch or over the telephone.

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AIG Life said there is also an easy-to-use online life insurance calculator to help customers work out how much cover they need and of what type, plus live support via phone or web chat.

Adam Winslow, CEO of AIG Life, commented: “We are delighted that RBS chose us to protect Royal Bank of Scotland, NatWest and Ulster NI customers. This is our biggest partnership to date and I am very proud of the proposition that we have developed together for launch.”

Sam Kerr, head of insurance & protection products for RBS, said: “We have been very impressed by AIG Life’s ability to deliver a proposition that meets our customers’ needs. We want to lead the way with clear, good value products and a simple application process. This new partnership means that we can offer our customers the right products, in the right way, at the right time.”