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Transact and Ageas Protect launch investment-linked protection

Transact and Ageas Protect have teamed up to launch an investment-linked term assurance product.

The ‘integrated protection: term life insurance’ product aims to cover a shortfall in a client’s assets upon death, and links the sum assured to the assets held on the platform.

The pilot launch gives 30 firms access to the product via Transact Online, with a full rollout planned in 2015.

The cover is arranged through an online portal developed by Integrated Protection Solutions with the support of reinsurer Swiss Re, which uses health and lifestyle questions to assess the client. It is expected that the majority of applicants will be offered immediate cover.

The insurance policy is issued by Ageas Protect, while Transact will also provide support with the use of trusts.

Transact says it is offering access to the product as a service and will charge a fee to cover administration costs.

The policy does not generate commission and advisers can specify their agreed client fees which can be paid from the Transact portfolio.

Transact chief development officer Jonathan Gunby says: “This will allow advisers to provide integration of investment and protection to their clients.

“We will continue to focus on our strength as a platform provider and will partner with others, as appropriate, to provide expertise in other selected product areas.”

Ageas Protect head of marketing and propositions Steve Casey says: “This is an exciting approach to offering protection to clients via their investment platform.”

The move follows a number of investment-linked protection product launches from other providers.

Nucleus announced in December 2012 it was launching an investment-linked protection range called Wealth Protect through provider Integrated Protection Solutions.

In October 2013 Money Marketing revealed Zurich was to launch a range of investment-linked protection products on its adviser platform, and the following month True Potential announced plans to offer an investment-linked protection range.

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