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Pru aims to woo advisers with cut in CI rates

Prudential has cut its critical-illness cover rates in a move it says is designed to re-establish its reputation with IFAs as one of the top protection providers.
Head of protection Paul Cowman says Prudential is not aiming to be at the top of the tree for protection but he believes the price change will set it firmly in the top five.
A male smoker aged 40 with £100,000 sum assured will now pay £69.68 a month for a life and critical-illness policy compared with £101.33 a month previously.
A non-smoker will pay £38.59 a month compared with £58.01 a month previously.
After effectively pricing itself out of the market 15 months ago, the firm says it has now adopted a “softly softly” approach to letting IFAs know it is back in the protection market.
Prudential says it int-ends to finish improvements to its back-office systems by the end of this year which will help it keep pace with demand for products.
Cowman says: “For us, this is about being able to maintain capacity rather than volume of business.”
Lifesearch senior technical adviser Kevin Carr says: “I do not think that being fifth on the list will gain them that much more business. They were so far off the best price that a rate cut will not make a great deal of difference. They will see intermediaries returning in a steady trickle.”


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