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PruProtect boosts range with cover for education

PruProtect has developed cover that pays for a child’s education through school and university in the event of a parent’s death.

Education cover pays a set amount per term and offers cover for both state and private school and the option to cover university fees.

PruProtect has also added family income cover, also known as family income benefit, which offers clients the option of a guaranteed payment period of up to 10 years.

The insurer will also now offer business protection which includes a disability benefit.

Its whole of life cover now includes a guaranteed rate option, rather than a reviewable premium.

Advisers will be paid the same level of commission for selling whole of life plans as they receive for standard term assurance.

Other additions to PruProtect’s product range include the accelerator and the vitality plus option.

Accelerator offers a reduced initial premium of up to 23 per cent, with premiums rising by 3 per cent every year.. Clients can offset the 3 per cent rise if they are also taking part in the health and wellness programme vitality to the maximum level.

By paying an additional monthly premium through Vitality Plus clients qualify for rewards such as 50 per discounts on gym membership with LA Fitness and Virgin Active.

Plan Money director Peter Chadborn says: “PruProtect are so far ahead of the game at the moment and I think others will follow on things like education cover.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Good to see an insurer being so proactive and supporting us IFAs. Wonder if any of the others will be able to keep up??

  2. Just been to PruProtect Launch in B’ham. WOW!
    These products address massive gaps in the protection market with rates that drew gasps from the audience.

  3. Inovitive Products FIB and FIB rebadged Bright Grey have been doing this for years

  4. Great stuff – some of the other insurers can’t even spell innovative (see Aaron’s comment above)

  5. It’s not just FIB being launched, it’s loads of products, and the FIB is also available for SIC (innovative) has an option to have a minimum payment period even if client gets a payout in last month of cover (innovative) has funeral cost built in (innovative) and I’m sure there was something else as well – what this does show though is that they’re making the products more sellable which is great for us and the clients

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