Habito Partners With AIG Life to Enter Insurance
Digital mortgage broker Habito has partnered with AIG Life to offer life insurance to its customers.
The London-based company will use the information customers already provide for the mortgage application, along with a “quick questionnaire” to provide a “free no-strings-attached life insurance cover for up to 90 days.” If customers are interested in keeping the policy, paid coverage with “competitive rates” kicks in seamlessly. Habito Life Insurance is underwritten by AIG Life and Habito has worked closely with RGAX, (part of the global life and health reinsurer RGA), to design its life solution.
Uniquely, every Habito homebuyer who qualifies is given free, no-strings-attached cover for up to 90 days on exchange of contracts. After that the product is opt-in: if a customer decides they would like to keep the policy, they simply update their profile on their Habito dashboard and choose to pay for life insurance after the free period. The policy also offers ultimate flexibility: customers can increase or decrease their cover, or pause or cancel their policy, at any time, from their dashboard. Habito will offer both level (for interest-only mortgages) and decreasing (capital and repayment mortgages) term life insurance, to single and joint applicants.
Bottom Line: Since launching in April 2016, Habito has helped over 150,000 people better understand their mortgage needs.