Exeter Family Friendly has launched a level premium option on its Income One income protection (IP) plan.

The Exeter-based specialist mutual insurer has made the move as a direct result of feedback from advisers, who wanted the level premiums option to compete with the mainstream insurers for low risk clients.

Until now, like most mutual providers Exeter Family priced their plans based on age, where premiums begin cheaper but rise as clients get older.

Mike O’Brien, head of sales and marketing, said: “As consumers, we’re all different; some people like budgetary certainty, whilst some like to pay as they go. That’s what this development is about, giving advisers and importantly their clients a choice.”

Income One is a targeted plan for low risk and clerical occupations and offers applicants the chance to fix their benefits, reducing the risk of over-insurance. Like all of Exeter Family’s products it has an ‘Own occupation’ definition for the life of the plan.

O’Brien said: “Advisers have told us that they like our simple approach to IP but for some, age-costed premiums are simply not the right option for their clients. So this change opens us up to a new and different market; we’re sure that some advisers will be dealing with us for the first time as a result.”

The new option will be added as a choice within the Income One product, whilst on comparison portals the prices for both approaches will be differentiated using product name.

“Over the next few weeks advisers will see our name appearing more often and competitively in their comparison quotes. We’re sure that we can add a real and true alternative in what is the most competitive sector of the IP market,” added O’Brien.