EasyEquities, an investment platform, has partnered with digital insurer Sanlam Indie to offer a life insurance product for young investors.
The life insurance policy provides cover until the age of 45 and is only available to EasyEquities clients under 40.
The product offers comprehensive life insurance cover up to the value of R2m ($110,000) through the EasyEquities digital platform, and is delivered through an underwriting process.
The South Africa-headquartered company, founded in 2014, offers investment options in equities, property and crypto. It will now offer its clients this product with the option to adjust the cover amount as investments grow.
Edwin Theron, Sanlam Indie’s chief executive officer, said: “This makes the product really unique. If you want to do it, your cover amount can decrease as your investments increase.
“This is because insurance should be used for the gap between what you have and what you would need if you were to die today. With this logic, as your investments grow, your need for insurance reduces.
“Basically, it’s an insurance product that’s aimed at reducing the need for insurance in the long-term.”
Charles Savage, chief executive officer and founder of EasyEquities, commented: “Our commitment to our customers is to continue to deliver innovative products and services that make it cheaper, easier and more fun to build and protect wealth and this product is built with this in mind.
“This partnership is our first try at this kind of thing and we are very excited about what we are going to learn about where the industry may be headed in years to come.”