Bupa has jumped on the cafeteria-style bandwagon with the introduction of flexible financial protection.
The product is aimed at clients who are looking for a protection policy that allows them to cherry-pick the various options, depending on what they want and what they feel they can afford as their circumstances change.
The options available from flexible financial protection include life cover, which includes term assurance, standalone critical illness cover (CIC), accelerated CIC, income protection and waiver of premium.
Companies already offering cafeteria-style products this year are Friends Provident, Liverpool Victoria and Legal & General. Liverpool Victorias Mimi has term assurance, CIC, income protection and mortgage payment protection. Friends Providents select protection offers CIC, income protection and term assurance and Legal & General protection choices provides CIC, term assurance and income protection.
Comparing the minimum monthly premiums of Liverpool Victorias Mimi and Bupas product, Mimi is £7 a month and flexible financial protection is £8 a month for each option.