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Premium discounts and death in service – Protection Monitor

by: Damian O’Connor, managing director at Roxburgh Financial Management
  • 30/03/2016
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Premium discounts and death in service – Protection Monitor
Insurers have been busy this year launching new products and enhancing existing ones, Damian O'Connor of Roxburgh Financial Management gives a rundown of two launches which caught his eye.

Vitality

Vitality has boosted its Whole of Life offering while making updates to some of its well-known existing products. Interest Rate Optimiser provides an upfront premium discount with annual increases dependent upon long-term interest rates, while Premium Optimiser provides an upfront premium discount with fixed annual increases of 2.5%.

Depending on the client’s age, when combined with Vitality’s existing Vitality Optimiser option, policyholders can receive an upfront premium discount of up to 67%.

The insurer has also made several enhancements to its existing product range:

  • Serious Illness Cover has been updated and now covers over 170 conditions
  • Business protection is now available with Vitality Optimiser
  • Term Life Cover premiums have been reduced by up to 30% in some cases (on average by 6%.
  • The maximum age has been extended to 90 and the maximum term to 70 years old

British Friendly

British Friendly has launched a new death benefit for its income protection policies, which is paid following the death of an insured policyholder. It is paid as a lump sum that amounts to six times the monthly income protection payment.

The benefit is paid to the next of kin and included at no additional cost for both existing customers as well as new ones. Policyholders can nominate multiple individuals to receive a percentage of their death benefit payments by completing and returning a written nomination form to British Friendly.

British Friendly is the first provider to offer this kind of benefit to both new and existing income protection customers regardless of initial policy terms. The insurer is also making retrospective payments of the death benefit for members who died from the 1 January 2016.

 

 

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