Nubank launches new insurance product
Brazilian digital bank Nubank has introduced a new insurance product in partnership with Chubb.
The product, Nu Vidas Juntas, allows a person to take out two life insurance policies while gifting one policy to an individual.
The process is done entirely online and after the gifter enters the name and age of the individual and selects a coverage amount, a link is sent out to the chosen individual. The person who’s been gifted the policy will need to activate the coverage with premiums being paid by the gifter.
Once the policy is active, the policyholder can name beneficiaries for the policy, which offers coverage for death, funeral expenses, and short-term disability.
If the person chooses to not accept the gifted policy, a refund is issued.