The controversial D2C life insurance provider has ceased taking on new customers and distribution of new term life policies.
Launched in April 2019 by former Zurich and Prudential board member, Dan Pender, Reviti Life Insurance has announced it will longer offer new term life insurance policies to new customers, although no reason was given.
Existing Reviti policies will continue to be honoured by Scottish Friendly, which provided the underwriting for the proposition, and will contact all policyholders directly in the wake of its closure.
The Reviti proposition targeted smokers by incentivising the use of e-cigarette devices over tobacco and offering premiums for as low as £5, as well as discounts for those that changed to healthier lifestyle options, divided opinion across the industry following its launch less than three years ago.
Reviti was owned by tobacco giant Phillip Morris International and promoted the use of vapes and e-cigarettes as an incentive for policyholders to quit smoking, which were also produced by Phillip Morris.
Reviti did not respond to COVER's request for comment.
