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Pru Protect boom after premium cuts

IFA quote activity and applications for Pru Protect’s life cover, serious illness cover and income protection has trebled since it announced product enhancements last week.

The firm says the rise in business came after it made several enhancements, including the potential to remove annual price increases on all products and lock in lower premiums if the policyholder looks after their health.

Director of product develop-ment Kevin Carr says: “We now have the only product where the price can go down but never up, which is very appealing as there is no downside.”

Highclere Financial Services partner Alan Lakey welcomes the reductions in premiums but remains cautious after the Pru withdrew its free membership to policyholders earlier this year.

He says: “I am always in favour of reductions in costs because that can mean the difference in someone taking out a policy, and someone not.

“However, when dealing with a company that offers you something beneficial but then takes it away from you, it leaves a sour taste.”


Corporate pension decision shelved

The RDR feedback statement has postponed any decision on how the proposals will affect the corporate pension market until 2009. Pension commentators have expressed concern that if RDR proposals on remuneration are not applied to the corporate market, then product providers could sidestep the proposals by writing individual pension business under group schemes.


Lifetime Isa – how it works

According to George Osborne “people like Isas – because they’re simple”. Fiona Tait is not convinced… Contributions & bonuses What he said: “From April 2017, anyone under the age of 40 will be able to open a Lifetime Isa and save up to £4,000 each year. And for every £4 you save, the Government will […]


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