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Pru is set for return to protection market

Prudential is ready to return to the protection market after 18 months.

Money Marketing has learnt that Pru expects to roll out a complete protection product offering by the end of March.

The emphasis will be on a tele-underwriting facility, with underwriters manning the phones. IFAs will have the choice of tele-underwriters, online applications or paper applications.

Guaranteed rates will be available on life and critical-illness products although Pru will be wary not to burn its fingers after dismaying IFAs in 2003 by pulling the plug on pipeline business.

UK chief executive Mark Wood made a dramatic apology to IFAs in September 2003 after it had withdrawn cover terms for thousands of critical-illness cases in the pipeline, effectively pricing itself out of the market.

Chadborn Baker & Kearle IFA Peter Chadborn says: “I expect rates will be very competitive as they try to muscle in on a lot of multi-tie. They still have a lot of bridges to build.”

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