A new life insurance product has been jointly launched by Fortis and LifeSearch, a UK protection market specialist.

The product is called Real Life Cover and will be in the market from tomorrow.

Real Life, reports said, will seek to plug the estimated £2.3 trillion life assurance and £190 billion per annum income protection gap in the country.

In addition to the option of unemployment cover, the policy has a combination of seven protection covers all in one package tailored to protect people financially against most serious eventualities.

The cover, according to the firms, will reduce the confusion that often confronts consumers as they are faced with various insurance options.

It is also comprised of two same-size pots of money, which are the Life Fund and the Living Fund.

While the Life Fund will pay out a lump sum if the policyholder is diagnosed with a terminal illness during the term of the policy, the Living Fund is made up of four elements that include Income Cover, Critical Illness Cover, Child and Partner Carer’s Cover and Recuperation Cover.