Policyholders can now secure 100% of their monthly income protection benefit, up to £7,500, within six months of the policy starting to give clients greater certainty at the point of claim.
Meanwhile, clients only need to be resident in the UK for a period of two years to apply for income protection. This is a reduction from the previous residency requirement of three years.
Policies will now track Consumer Prices Index including owner-occupier housing costs (CPIH) instead of the Retail Price Index (RPI), which The Exeter says will provide a more accurate reflection of inflation.
Real Life access expanded
As well as criteria changes, the mutual has made its life insurance product, Real Life, available on aggregator quote portals so that it can be written as part of a multi-benefit selection. The life cover will now include both dual cover and joint life options.
£2.5m paid to help broker clients benefit from greener homes
Sponsored by Halifax Intermediaries
With financial abuse concerns being widely discussed within the industry, The Exeter has launched a joint life separation option that only requires consent from one policyholder.
The Exeter has also introduced beneficiary nomination to Real Life, enabling policyholders to name their chosen beneficiaries at the point of application without the need to complete a trust form. A waiver of premium option has been added to the cover, which allows a client claiming on an income protection policy with The Exeter to waive their Real Life premium as well.
Streamlined application process
To coincide with the product enhancements, Exeter has launched a multi-benefit application system, allowing advisers to apply for income protection and life insurance in one application.
Steve Bryan, director of distribution and marketing at The Exeter, said: “We are delighted to announce the latest enhancements to our award-winning protection proposition, which underline our commitment to providing advisers with innovative and accessible solutions to help them meet client needs.”
In September, the firm brought on Gary Warman as chief risk officer.
