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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.”

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