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News

Revolutionary launch for PruProtect

1 May 2009

Two new income protection products enter the market

PruProtect has further attempted to revolutionise the protection = market with=20 the launch of two new income protection (IP) products - Primary Cover = and=20 Comprehensive Cover.

The features of both products include an upfront financial guarantee = meaning=20 that the claimant does not have to provide further evidence about salary = at the=20 claims stage once this has been provided on the application. Also = included is=20 own occupation cover, recovery benefit which will provide customers with = access=20 to cash to pay for specialist care and support for their recovery, a = back to=20 work benefit, no general exclusions, seven day cover for self-employed = with a=20 retrospective back to day one benefit, and no deduction of state = benefits.

In addition, the Comprehensive Cover will have an increased maximum = cover,=20 waiver of premium on other PruProtect benefits and PruHealth policies, = an=20 increased Recovery and Back to Work benefits, and a permanent disability = uplift=20 where the provider will increase the benefit amounts by 10% to reflect = the=20 greater impact on a claimant's lifestyle.

PruProtect gave sample figures for the cost of the plans: consumers = who would=20 be 35 on their next birthday. For males, under Primary Cover, this would = be=20 =A326.27, and =A330.87 on Comprehensive Cover with females paying = =A344.66 and =A352.47.=20 Ten years on, the premiums for males would have increased to =A340.15 = and =A347.18,=20 and =A368.26 and =A380.20 for females.

Phil Jeynes, key account manager for Direct Life and Pensions, said: = "I think=20 the innovative approach that PruProtect are taking to try and improve = their=20 offering and plug some of the gaps that exist in our industry is = admirable. In=20 particular their developments around IP seem to recognise what advisers = and=20 their customers are really looking for.

"I'm looking forward to seeing what the reaction of our LifeQuote = users will=20 be when PruProtect present to them during our forthcoming = workshops."

At the launch in London, Deepak Jobanputra, product director at = PruProtect,=20 outlined how many of the benefits worked, including the back to work = benefits=20 which pays out 50% of the benefit on the claimant's first month back at = work,=20 and 25% on their second month back at work.

Jobanputra said: "We aim to provide appropriate, consumer engaged = lifestyle=20 protection products and we will continue to innovate to meet consumer=20 needs."

PruProtect also launched Life Cover for consumers who are HIV+, a = product=20 which will provide up to =A3250,000 of life cover for a maximum period = of 10=20 years. The plan will only be available at first to a limited number of = HIV+=20 consumers, but PruProtect said there are plans to increase this in the=20 future.

Source: COVER

=A9 Incisive Media Ltd. 2009
Incisive Media Limited, Haymarket = House, 28-29=20 Haymarket, London SW1Y 4RX, is a company registered in the United = Kingdom with=20 company registration number 04038503

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