The Exeter Pure Protection and Income One
Newly renamed The Exeter (it was previously Exeter Family Friendly) has introduced a number of changes to these two income protection (IP) plans. The changes include:
A new two year maximum claim period option.
A fixed benefit option to guarantee a level of income at claim.
The maximum age the plan can run to has been increased to 70.
One month’s free premium (which applies across The Exeter’s product range).
Comment: These are not major changes, but they do improve the plans’ appeal and offer practical advantages too. Many IP plans now offer short benefit period options and adding a two year option both reduces the premium and fits better with the growing recognition that most people can be helped to return to work rather than abandoning them to live on a reduced income until they retire.
Avoiding fresh financial underwriting when a claim is made is also a big step forward, so it is good to see The Exeter building on that too. All in all, these are welcome changes and, as part of its rebranding, The Exeter is promising more innovation to come. Good!
Plus points: A new two year benefit option; Extended age range; Fixed benefit option avoids the worry of re-underwriting the financial benefit when a claim is made; One month’s free premium upfront is rewarding new customers and helping start a relationship with them.
Not so plus points: Relatively minor changes.
Website: http://www.the-exeter.com.
Rating (max 10): Innovation: 7. Overall: 8. Gold
Tags: PMI; The Exeter