Customers can customise the cost and level of cover with the help of sliders, while they can see the immediate effect on price.
They can split their budget between too ill to work and life insurance and they can increase or reduce their level of cover down the line if needs change.
In order to purchase the product just 11 health and lifestyle questions are required.
Clive Allison, head of member recruitment of There, said: “So many people don’t have protection in place and are failing to insure themselves, yet they wouldn’t hesitate to insure their belongings.
“We understand that this is often because life simply gets in the way, there is so much jargon and many products seem complicated.
“This is a dangerous combination as paralysis can set in, with people often doing nothing, which is the worst thing.”
He added: “We went back to square one when creating this brand and designed an innovative, new product to protect a family’s way of life – two covers in one.
“We have deliberately kept this clear and jargon-free, removing as much small print as we possibly could, and there are fewer decision points than usual and a website that is genuinely quick and easy to understand and use.”
Once a claim is made There pays out the amount the customer originally signed up for even in the case of a change of job.
Too ill to work cover is designed to cover the essentials rather than full income replacement, with the maximum benefit being £1,250 a month while the product pays for up to 60 months rather than until retirement, making it more affordable in the process.
Mark Goodale, chief executive of Reliance Mutual, said: “We have a 100 year tradition of listening to what customers want.
“There is an extension of this ethos, as in designing this product we have listened intently to what families want, need and what will make their life easier.
“Innovation in the industry has been stifled by a number of factors including an institutional mindset, cumbersome legacy systems and, to some extent, regulation.
“Our approach has been a radical one, starting with a blank piece of paper and looking at what people need rather than what is easy to sell.”
He added: “There is still a perception that protection products are complicated and that insurers will try to wriggle out of claims.
“By creating a product this transparent and straightforward we hope to change attitudes by showing families that we can be trusted and playing our part in bringing too ill to work and life cover into the mainstream of families lives like other forms of insurance.”
