Brazil’s Nubank Launches Inexpensive Life Insurance Covering Covid-19

RIO DE JANEIRO, BRAZIL – On Tuesday, December 1st, Nubank began to offer life insurance through its app that costs an average of R$9 per month (the price can be lower depending on the customer’s profile). The new product will not be readjusted according to age for a period of five years and covers Covid-19.

The basic coverage includes both natural and accidental death and funeral assistance. Furthermore, additional protections may be added that can be used in life such as accident hospitalization, disability due to an accident, and funeral assistance for relatives.

All risk occupations will be covered, often rejected by insurance companies. The insurance also covers pandemics, such as Covid-19, and diseases commonly excluded from this type of protection, such as diabetes.

The product is customizable. There are no predefined packages: clients choose and pay for what they prioritize and use. Chubb is the insurance company responsible for the product and the policy management will be conducted digitally, as well as the complete contracting process, including the service simulation and confirmation, which can be performed directly in the bank‘s app.

In addition to providing 24-hour service, Chubb has structured a claims team and reviewed flows and processes, based on simplified notification models and immediate responses. This allows for the payment of compensation in some cases, classified as simple and urgent, to be completed within a few hours.

Source: Exame