Fortis is planning to enter the protection market with a combined life, critical-illness and income protection plan.
Sources say the plan will automatically top up to the full sum assured after paying out on a critical illness or income protection claim.
Money Marketing understands the product will have a maximum sum assured of £250,000 and will be launched alongside a typical menu proposition in the first quarter next year.
Fortis is believed to have designed its product range with the help of a firm of protection specialists and has been gauging protection advisers’ opinions over recent weeks.
It was planning to deploy external systems, according to a source, but has now decided to process applications internally, which MM understands it has vouched to do within seven days.
MM first revealed Fortis’s plans to enter the UK protection market, with former Munich Re protection specialist Martin Werth at the helm, in February.
Fortis chief executive Barry Smith says: “A review is being undertaken of relevant segments of the life market and a number of opportunities have been identified.”