Pru Protect is offering an online-only protection product for advisers.
The new essentials plan has a life cover-only option and an option for life with serious-illness cover. It will be available to all UK intermediaries and includes the option to upgrade to the existing Pru Protect plan.
Pru Protect says exclusions apply to make the premium more affordable, including automatic children’s cover, guaranteed insurability options and immediate cover.
Actuarial and product director Deepak Jobanputra says:
“We have launched this latest product to provide greater choice and flexibility. The market will see many more innovative changes and additions from us in the months and years ahead.”
Highclere Financial Services partner Alan Lakey says this latest move by Pru Protect aims for greater simplicity and lower premiums and recognises the problems in today’s marketplace.
He says: “They have reacted by producing a stripped-down version of their plan which removes a number of the bells and whistles and subsequently allows for rate reductions of up to 15 per cent. This plan will run alongside the more comprehensive version, allowing advisers and consumers to choose the style best suited to them.”