Pembridge Life Ltd , has officially launched webuylifepolicy.com, a new digital platform designed to create a secondary market for term-based life insurance policies across the United Kingdom.
The platform was launched to address a long-standing inefficiency in the UK life insurance market, where unneeded term policies typically lapse with no return for customers and lost future commission for brokers, according to FF News.
The platform enables policyholders who are considering cancelling their term life insurance to sell their policies instead. By purchasing these policies, the platform allows customers to receive a cash sum, transforming what would have been a zero-value outcome into a tangible financial return. At the same time, brokers are offered a Consumer Duty-friendly alternative to simply cancelling cover.
Beyond providing direct financial value to consumers, the platform introduces the concept of life settlements to the UK market. While relatively new domestically, life settlements represent a well-established, multi-billion-dollar industry in other regions, particularly the United States, where secondary markets for life insurance are more mature.
The platform’s launch is supported by a leadership team with an average of more than 25 years of experience across major global insurance centres, including Bermuda, London and Switzerland. This depth of expertise is intended to ensure a smooth and compliant process for insurers, intermediaries and policyholders alike, as the market develops.
Additional industry attention has already been drawn to the initiative, with coverage highlighting the scale of the opportunity presented by policies that fail to reach maturity and the potential benefits of introducing a structured resale option in the UK.
webuylifepolicy.com CEO Devam Sukhija said, “We estimate that more than half of all term life insurance policies in the UK don’t make it to the end of their term, and eventually lapse. People can reach a point where for instance they finish repaying their mortgage and they feel their life policy is no longer necessary. Normally, they would just stop their monthly payments, let their policy lapse and walk away with nothing after years of paying premiums. But with webuylifepolicy.com they can now turn a lapsing liability into a tangible financial asset”.
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