The Exeter has introduced a multi-benefit application system as part of a raft of changes to its protection proposition.
The UK health and life insurer said its new multi-benefit platform is available to all advisers who wish to write income protection and life insurance with The Exeter and will allow users to generate multiple quotes immediately while automatically carrying details through to application.
As part of the process, advisers will receive upfront visibility of ratings, exclusions, and medical evidence requirements, helping them to manage client expectations more efficiently.
Widening access to life insurance
As part of the changes, The Exeter has made its life insurance product, Real Life, more widely accessible. For the first time, the product is now available on aggregator quote portals, which means that it can be written as part of a multi-benefit selection.
Designed to cover clients with a clean bill of health to those with complex or multiple medical conditions, Real Life now includes both dual cover and joint life options.
A joint life policy pays out on the first death or terminal illness diagnosis, while dual life allows couples to apply together but hold separate policies, each with their own sum assured.
And with financial abuse concerns being widely discussed within the industry, The Exeter has launched a joint life separation option which only requires consent from one policyholder.
Beneficiary nomination
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.
Like a trust, which The Exeter said it will continue to offer as part of its proposition, beneficiary nomination ensures pay outs can bypass probate and remain protected from Inheritance Tax in the event of a death claim being made.
And additionally, waiver of premium has been added to Real Life – meaning if a client claims on an income protection policy with The Exeter as a result of being ill or injured their Real Life premiums will be waived too.
Strengthening income protection
The insurer added it has also made key updates to its Income First product, offering more financial security and flexibility to policyholders.
- Increased fixed benefit option – clients can now secure 100% of their monthly income protection benefit (up to £7,500) within six months of policy starting, ensuring greater certainty at the point of claim
- Reduction in UK residency duration – clients now only need to be resident in the UK for a period of two years to apply for income protection – a reduction from the previous residency requirement of three years
- Indexation update – policies will now track the Consumer Prices Index including owner-occupier housing costs (CPIH) instead of the Retail Price Index (RPI), providing a more accurate reflection of inflation
Steve Bryan, director of distribution and marketing at The Exeter, (pictured) 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.
“Our new adviser protection portal allows advisers to obtain multiple quotes for income protection and life insurance and carry these through to application.
“The experience has been designed to be intuitive, providing advisers with information about ratings, exclusions or any further information needed.
“This allows advisers to manage client expectations around the cost of cover and when they can expect to receive an underwriting decision.
“These developments are further complemented by enhancements to our income protection and life insurance products.
“The ability for applicants to now fix 100% of their income protection benefit within six months of their policy starting provides greater reassurance at the point of claim.
“Similarly, the ability for advisers to write life insurance on a dual cover or joint life basis, along with the introduction of beneficiary nomination, further strengthens the options available to advisers while ensuring any benefits from a life insurance claim are paid as their client intends.”
Michael Chapman, head of protection and general insurance at Dynamo, added: “The Exeter’s excellent new system is designed with advisers’ ease and convenience top of mind.
“Today, advisers can source a recommendation for life insurance and income production offerings on a single platform, saving valuable time that would have been wasted on duplicating previously submitted work.
“The interface is user-friendly, well-made, and aesthetically pleasing.
“That may seem like a minor point, but for the average working adviser, it makes a huge difference. In the end, any platform that makes the adviser’s job smoother will lead to a much smoother process for the client.”