PruProtect is extending its cover booster offer, which gives customers taking out its life and serious illness plan an additional 30 per cent life cover free of charge for three years, until the end of February.
The deal was initially launched in June and offered the additional cover to customers who took out cover before the end of September. But the provider has now extended the offer until the end of February. PruProtect says the decision was made so advisers have an added promotional tool to persuade customers to take out cover before 21 December, when it becomes illegal to calculate insurance premiums based on gender.
Customers receive the 30 per cent extra life cover free of charge for three years, after which they have the option to continue with the extra cover permanently. Those who take up the offer will receive a premium discount of up to 15 per cent, based on their Vitality status, which is the provider’s scorecard to determine how healthy a person is.
PruProtect marketing and distribution director Justin Taurog says: “We recognise that the industry is approaching a period of some uncertainty with regards in particular to gender neutral pricing. Many intermediaries are doing their best to promote protection to their clients before prices inevitably change in 2013.
“Extending our popular cover booster offer is just one way in which PruProtect is committing to help the adviser community and to thank them for their part in the extraordinary results we have enjoyed since our launch.”
Earlier this month, the provider launched an income protection plan for NHS doctors which automatically changes in line with the NHS pay structure. The NHS has a structured sick pay for doctors which increases each year during the first five years of employment.
After five years, should the doctor become ill, injured or disabled and cannot work, they receive full pay for six months, followed by half pay for six months. The product is designed so advisers will not have to make regular changes to the client’s policy.
The provider recently announced a 39 per cent increases in new business premiums in the financial year to the end of June, with sales of £36.4m. Its intermediary market share in the first quarter of 2012 was 8.7 per cent, up from 5 per cent a year earlier.