Specialist underwriter GRIP, best known for its controversial alien abduction and virgin birth insurance policies, is planning to enter the long term health insurance market.
It has appointed specialists Professional Insurance Marketing Services (PIMS) to research new product ideas using both long term and general insurers.
PIMS senior partner Dave Williams said: “Most people are significantly under-insured against longer term problems and PIMS brief is to design unique products that are both simple to understand and affordable.”
GRIP has in the past upset some in the market who see its over-the top self-promotion as undignified, but it has shown itself capable of developing comprehensive products and launching them quickly.
GRIP’s Critical Cash plan, underwritten by IGI Insurance, was recently introduced through Principality Independent Financial Advisers as a renewable plan targeted at professional sportsmen and women. A 20-year-old male non-smoker would pay just £ 11.98 a month in the first year for £200,000 of cover against nine critical illnesses.