The price of the Simple Life Insurance cover is based on the customer’s age without the need for a medical assessment.
Additional benefits include advance funeral payments, grief counselling, estate administration through MyDigiExecutor and a bereavement guide.
The minimum cost of a Simple Life Insurance policy is £3.50 whereas the lowest cost in its standard range is £5.00.
A report by research company Mintel found that 45 per cent of people did not have life cover because they said they could not afford it. However, 55 per cent of individuals said they could be persuaded to take cover if it was simple and cheap.
Mark Cracknell, head of protection distribution, said: “Simple Life Insurance extends our life insurance proposition to customers whatever their budget or circumstances.
“While our menu proposition will continue to offer an appropriate solution for many advisers and their clients, Simple Life Insurance is an important part of ensuring that we have a range of options to help more people put protection in place.”