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Bupa targeting IFAs with flexible protection plans

Bupa is offering a new individual range of protection products on November 12 to be distributed principally through IFAs.

The flexible protection plan, unveiled at the Bank-hall convention in Monaco last week, will include inc-ome protection, term life insurance and critical-illness cover, with the option of life cover.

Bupa says although it is already in the protection market, its existing products are stand-alone and do not have the flexibility of the new plan.

IFAs currently make up 80 per cent of Bupa&#39s distribution and hopes to increase this figure with the new plan.

The company will continue to use a number of channels, including its direct salesforce.

The menu-based plan lets policyholders combine products to tailor protection to their individual needs.

The plan has been developed after an 18-month project in which the company talked to IFA networks, nat-ional IFAs, small firms and worked with Consensus market research agency to discover specific IFA needs.

Bupa says it is still negotiating commission terms but says these will be very competitive.

The company believes it can offer a number of advantages to IFAs over other protection providers because it can deliver healthcare through its network of hospitals and its Bupa Healthline.

Head of intermediary sales Richard Garland says: “Our existing products are not ideal for IFAs as they are limited in scope. We aim to put all this behind us and get a real foothold on the protection market.”

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