The new Essentials Plan includes life cover only and life with serious illness cover. It will be available to all UK intermediaries and includes the option to upgrade to the provider’s existing Pru Protect Plan.
Exclusions do apply in order to make the premium more affordable, says the provider, including automatic children’s cover, guaranteed insurability options and immediate cover.
Pru Protect actuarial and product director Deepak Jobanputra says: “We have launched this latest product to provide greater choice and flexibility. Our philosophy is based upon innovation, choice and comprehensiveness of cover and we have remained true to our core values.
“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 targets greater simplicity, lower premiums and recognises the problems in today’s marketplace.
He adds: “They have reacted by producing a stripped down version of their plan which removes a number of the bells and whistles and subsequently provides 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.”