Throw out the ‘variety pack’ and buy what you want – says Lime

 

THROW OUT THE ‘VARIETY PACK’ AND BUY WHAT YOU WANT – SAYS LIME

 

LONDON, 17 June, 2019– Lime, the firm which uses technology to strip out unnecessary cost and complexity to make high-quality insurance cover available for all, says the systems and processes are now in place to allow the industry to stop the ‘variety pack’ approach to providing insurance.

Shaun Williams, CEO of Lime, commented: “If you go to a shop and want to buy lots of boxes of different types of breakfast cereal, then variety packs are perfect for you. But, if you only want one small box of cornflakes or coco-pops, why would you buy the rest?  This is the problem with the way the insurance market currently operates, which means that people often have to buy things they don’t really need.  This is good for the industry, but bad for the customer.  However, with changes in product design, supported by development in technology, we can now give people exactly what they want.”

Lime provides access to simple, low-cost insurance, by taking out what people don’t need or want to pay for and provides targeted cover which will help to make their lives better.  Using proprietary systems, Lime can offer standalone products, rather than offering a bundle of lots of different insurance options.

“The insurance industry has evolved over hundreds of years.  When inclusive policies were developed, they were manually written and managed.  Today, we can use online systems to provide cover for the amount you want, or at a price you can afford and at a time that works for you.  This means that many of the 16 million people who are currently uninsured or underinsured, but would like to have products like health and life cover, can now afford them”, added Mr Williams.

Lime already offers a straight-forward Accidental Death policy, and is about to introduce cancer cover, GP appointments and dental cover, all as standalone products.  

“We hear about people picking a very expensive healthcare insurance package and saying they had to have this because it was the only one offering dental cover. Our view is that if you just want dental, or cancer or accidental death policies, why not just have these?  The customer should get what they want, and this is now possible with no loss in the quality of the cover.  The only difference is the price”, concluded Mr Williams. 

Lime International Limited (Lime) was launched on the 26th February 2019 and is authorised and regulated by the Financial Conduct Authority (FCA). 

To find out more please visit www.limeinsurance.com

ENDS

 

CONTACT:

Stephen Davie or Jade Dakota 

Bard

07484 730305/ 07

 

 

limeglobal.co.uk

Lime International Limited is registered in England and Wales, with headquarters at 122 Leadenhall Street, London EC3V 4AB. Registered number: 10180963. Lime International Limited is authorised and regulated by the Financial Conduct Authority. Registration number 759122.

Lime is not authorised to offer independent regulated financial advice.

 

 

Make sure beneficiaries don't miss out - says Lime

LONDON, 3rd June, 2019 – Lime, the firm which uses technology to strip out cost and complexity to make high-quality insurance cover available for all, has found most people opting for accidental death cover don’t know about the benefits of writing this in trust.

A policy written in trust can ensure that:

·      It pays the people who you want to receive the money

·      The payment is quick, so the beneficiaries get the money when they need it

·      It avoids any death duties taxes which may be payable on your estate

Shaun Williams, CEO, Lime said: “For Lime customers we want to be able to guide them through the process of deciding how, and to whom, they leave their proceeds if they suffer a fatal accident.  The new way we offer the insurance really helps, but we also want to give more information so they can plan for the future of their dependents, should the unthinkable happen.  If we can educate them about writing the insurance in trust, this will hopefully benefit everyone.”

Lime has found that because many people do not believe their overall estate will be subject to any death duties (Inheritance Tax) or are concerned about setting up a trust, they do not opt to have accidental death insurance written in trust.  They were also unaware that the probate process in the UK can take between 6-12 months, which is bad news if they need to have quick access to money.  

“For us writing the insurance in trust is part of the service we provide.  We use the latest digital technology to simplify the process.  We have created products which allow individuals to tailorthe type and level of their cover based on what they want to pay. For no additional cost we can make sure that, if there is a tragic event and the cover is needed, the money gets to the right people when they need it. If this also means that 40% (tax above the threshold) is not lost to death duties, this is even better.” said Mr Williams.

Lime provides access to simple, low cost insurance, by taking out what people don’t need or want to pay for and providing targeted insurance which will help to make their lives better

“For us, insurance should be inclusive, not exclusive so we have refreshed the way customers access and buy cover.  Using the latest technology we are able to offer standalone products, rather than bundling together lots of different options.  This opens up insurance to more people giving them cover which they may not have thought they could afford.” concluded Mr Williams.  

Lime International Limited (Lime) was launched on the 26th February 2019, and is a company authorised and regulated by the Financial Conduct Authority (FCA).

To find out more please visit www.limeinsurance.com

ENDS

Lime is insurance with a twist. We’ve created simple, flexible and affordable cover backed by world leading insurers. Lime is 100% online and helps you work out what you need, when you need it. 

Life changes all the time, and so should your insurance. With Lime, you know you have the right cover for the right people at the right time. Over 11 million people in the UK don’t have the life or health protection they need. We want to change that.

limeglobal.co.uk

Lime International Limited is registered in England and Wales, with headquarters at 122 Leadenhall Street, London EC3V 4AB. Registered number: 10180963. Lime International Limited is authorised and regulated by the Financial Conduct Authority. Registration number 759122.

Lime is not authorised to offer independent regulated financial advice.

Lime launches tailor made and affordable insurance solution

· More than 16 million people in the UK are under insured – or have no insurance at all*

· Lime is designed to fill the protection gap

· Lime launches with Accidental Death Cover

Lime, the digital platform refreshing insurance, has officially launched in the UK. Driven by people and powered by technology, Lime strips the cost and complexity from insurance to make it available for all.

16 million people in the UK are under- or un-insured, 11 million of whom have a mortgage to pay and/or a family to support*. Lime’s aim is to close this protection gap.

Lime’s digital-first insurance guidance provides an efficient, streamlined user experience from the first click. Its platform provides tailored guidance and personalised insurance – cover that’s built for the vast majority of people, families, budgets and circumstances.

Lime’s flexible twist on insurance means it can be easily changed at any time to meet people’s individual needs, because life changes all the time.

Lime’s first product to launch is Accidental Death cover, offering cover from £5,000 to £500,000 (a 37-year-old can get £100,000 cover for £2.30 per month in year one**). Its Accidental Death cover will pay a lump sum to nominated beneficiaries in the event of death caused by accident.

Accidental Death cover will be followed by a suite of new products over the next 12 months.

Shaun Williams, CEO of Lime said:

“The UK has a significant protection gap, a forgotten majority that have little or no insurance. We think that’s a big problem.

“Now is the time to do something about it and we are working with some of the most innovative businesses in the industry and beyond to drive that change.

“We’re providing simple, flexible insurance at a low cost so people can have the cover they need to protect the people they want. Customers need only answer a few short questions for the right products and level of cover to be identified. We’ve designed our online platform to give clear guidance throughout the application journey so people can be confident when making a decisions on what products to buy, for their own ever-changing personal situations and budgets.

“Our first product to launch is Accidental Death cover. Simply put, if you’re killed by an accident, then it pays out for your family. We’ll be launching more products throughout the year - insuring against accidents is just the start.”

Charlie Carrick, Head of Global Markets at Lime adds:

 “We offer insurance for real people with real needs, whether it’s someone who just bought their first flat, workers whose employer doesn’t offer insurance or those living

 without an extended support network.  Of the 16 million who don’t have adequate insurance, 11.3 million have either a mortgage or family to support, or both. This is a huge insurance gap that we want to help fill. We’re excited about shaking up the market.”

 Lime is working with trusted insurers and workplace partners including Vibe Syndicate Management Limited, TES, Fizz and Capita.

 Lime’s Accidental Death Cover is underwritten by Vibe Syndicate Management Limited, a company authorised by the Prudential Regulatory Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority and underwriter at Lloyd’s.

 To find out more please visit www.limeinsurance.com

 ENDS


*YouGov Life and Health Protection 2017

**Annually renewable with price reviewed based on age, but not necessarily increased if no change in cover. 

Lime is insurance with a twist. We’ve created simple, flexible and affordable cover backed by world leading insurers. Lime is 100% online and helps you work out what you need, when you need it. 

Life changes all the time, and so should your insurance. With Lime, you know you have the right cover for the right people at the right time. Over 11 million people in the UK don’t have the life or health protection they need. We want to change that.

limeglobal.co.uk

Lime International Limited is registered in England and Wales, with headquarters at 122 Leadenhall Street, London EC3V 4AB. Registered number: 10180963. Lime International Limited is authorised and regulated by the Financial Conduct Authority. Registration number 759122.

Lime is not authorised to offer independent regulated financial advice.