New product launches and improvements in july – 5 things you should read
In what had until now been a relatively quiet year for new product launches, improvements or innovation, we’ve seen a flurry of activity this month, with a number of insurers launching new protection plans or making improvements to existing policies. The pandemic has understandably meant that the industry has been more focused on responding to Covid-19, with measures to support consumers, but also to assess and mitigate some of the risks posed by the unprecedented health crisis. As the picture does begin to slowly improve, it’s pleasing to see providers assess their protection offerings and look to make improvements where necessary, or in some cases bring to market genuinely innovative solutions for clients. In this ‘5 things you should read’ we bring you a roundup of product launches from the last month.
THE EXETER LAUNCH MORE FLEXIBLE INCOME FIRST WITH A UNIQUE NEW FEATURE
Back on the 12th July The Exeter launched a new income protection plan, replacing their Income One Plus and Pure Protection Plus products. The new plan provides the best of both offerings plus new and intriguing features not seen before. The key message from The Exeter is that they want to simplify their proposition for advisers by amalgamating their dual product approach into one proposition. As such, the new Income First product will continue The Exeter’s strong track record for providing cover for higher risk occupations as well as providing competitive cover for office and clerical workers.
LEGAL & GENERAL UNVEIL NEW UNIQUE SUPPORT BENEFIT
Legal & General announced two major additions which they will provide within their new Umbrella Benefits: Fracture Cover and Private Diagnostics Cover. The latter is a unique new service that creates something of hybrid of private health and protection insurance. In this insight we look at the new products in more detail.
HOW DOES LEGAL & GENERAL’S NEW FRACTURE COVER COMPARE?
Legal & General were the latest insurer to enter the fracture cover market in July, with the announcement of their optional bolt-on Fracture Cover benefit. This new policy forms part of their Umbrella Protect benefits, designed to provide protection clients with access to a range of complimentary support services and additional cover.
LV= UNVEIL NEW MORTGAGE AND RENT COVER AND ENTER EXEC IP MARKET
Towards the end of the month LV= announced two new income protection plans: Executive Income Protection and a unique new Mortgage and Rent Cover. As the awareness of income protection insurance has steadily increased over the last few years, we’ve seen a number of insurers expand their range of income protection products, to cater for different consumer needs. The two new products from LV= will sit alongside their existing Income Protection Cover and Personal Sick Pay plans and help provide more solutions for different client needs.
ROYAL LONDON’S CRITICAL ILLNESS IMPROVEMENTS – THE FULL DETAILS
In the final announcement this month, Royal London unveiled a number of product changes. Primarily the changes impact their critical illness cover, with amongst other things, increases made to the payouts for additional conditions and children’s cover. There’s also the addition of rental GIOs and a slight change to their Income Protection cover for NHS medical professionals.