The protection provider is increasing the maximum benefit from 40 per cent to 50 per cent and allowing customers to choose the point of financial underwriting, either on acceptance or at claim.
The plan, available solely to professionals and those in low risk occupations, already offer guaranteed age costed premiums, no exclusions and a long-term career break option.
Pioneer sales and marketing director Richard Wyatt-Haines says: “Income protection should be at the forefront of financial planning, however, historically the product has underperformed. In the current economic climate, protection and financial security are high on the consumer’s agenda, providing intermediaries with an excellent opportunity to create much needed income. With these latest enhancements to PIP, we are once again proving our willingness to innovate and develop open and transparent protection products.”