Natwest claims UK first for immediate policy cover

Natwest claims it will be the first UK based Internet bank to offer life policies online that provide immediate cover.

The bank confirmed the move was a first step towards introducing a number of other online services in the near future. These are likely to include credit card applications, mortgages and travel insurance.

Natwest plans to make its Instant Life Protector policy available on its website later this month and will ask consumers to answer five simple questions online to apply for it. If they answer 'no' to all of them, they will be covered immediately.

Gordon Pell, chief executive of UK Banking, said: "In the space of just five or ten minutes, people will be able to get an individual quotation that matches their needs and apply for a plan. If they then wish to go ahead, they will have the reassurance of knowing that they are covered immediately."

Natwest said it introduced the Protector policy following the success of its Internet offerings. It claims that more than 100,000 people have signed up for its online banking services since they were launched in November last year.