UK health and life insurer The Exeter has introduced several updates to its protection products, including the launch of a new multi-benefit application system designed to streamline the adviser process for income protection and life insurance applications.
The new platform, available to all advisers working with The Exeter, allows users to generate multiple quotes simultaneously while automatically carrying details through to the application stage. Advisers will also gain upfront visibility of ratings, exclusions, and medical evidence requirements, helping them to manage client expectations more effectively.
EXPANDING ACCESS TO LIFE INSURANCE
As part of its latest enhancements, The Exeter has made its Real Life life insurance product more widely accessible. The product is now available on aggregator quote portals, allowing advisers to include it as part of a multi-benefit selection.
Designed to cover clients across a broad health spectrum, Real Life now offers both dual cover and joint life options. While a joint life policy pays out on the first death or terminal illness diagnosis, dual life allows couples to apply together but hold separate policies with individual sums assured. In response to growing concerns around financial abuse, The Exeter has introduced a joint life separation option, enabling one policyholder to separate the policy without requiring consent from the other.
Additionally, the insurer has introduced beneficiary nomination, allowing policyholders to name beneficiaries at the point of application, bypassing the need for a trust form. This feature ensures that payouts can avoid probate and remain protected from inheritance tax, though The Exeter will continue to offer trust arrangements as part of its proposition.
A further enhancement to Real Life includes the addition of a waiver of premium. If a client claims on an income protection policy with The Exeter due to illness or injury, their Real Life premiums will also be waived.
STRENGTHENING INCOME PROTECTION
The Exeter has also updated its Income First product to offer greater financial security and flexibility to policyholders. The changes include:
- Increased fixed benefit option – Clients can now secure 100% of their monthly income protection benefit (up to £7,500) within six months of the policy starting, ensuring greater certainty at the point of claim.
- Reduced UK residency requirement – Clients now only need to be resident in the UK for two years, down from the previous three-year requirement.
- Indexation update – Policies will now track the Consumer Prices Index including owner-occupier housing costs (CPIH) rather than the Retail Price Index (RPI), aligning with inflation more accurately.
Steve Bryan, director of distribution and marketing at The Exeter, 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 one hundred per cent 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 whilst ensuring any benefits from a life insurance claim are paid as their client intends.”
