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New Insurtech Platform webuylifepolicy.com Launches in UK to Help Households Cash In on Lapsing Life Insurance Policies
Pembridge Life Ltd today announces the official launch of webuylifepolicy.com, a pioneering platform creating a secondary market for term-based life insurance in the United Kingdom. This new platform provides a compliant, consumer-centric alternative for policyholders who intend to let their life insurance lapse, allowing them to sell their policies for a cash sum rather than walking away with nothing.
In the current UK market, when a customer decides they no longer need a term assurance policy, often due to a mortgage being repaid or a change in financial circumstances, the policy simply lapses. The customer receives no payment, the broker loses future commission, and the years of premium payments yield no residual value.
Webuylifepolicy.com provides an alternative solution this cycle by purchasing these policies, ensuring customers are not left entirely out of pocket and providing brokers with a Consumer Duty-friendly alternative to simple cancellation.
While new in the UK, the concept of life settlements is a well-established multi-billion-dollar industry in other global markets, such as the United States.
The launch is backed by a leadership team with an average of over 25 years of experience across leading global insurance hubs, including Bermuda, London, and Switzerland. This deep industry expertise ensures a seamless process for insurers, intermediaries and policyholders.
“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”, says Devam Sukhija, Founder and CEO of webuylifepolicy.com.
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