As a result of extensive feedback from intermediaries, who highlighted their clients’ wish list of priorities around life cover, it is anticipated the revised product, which retains its simplicity of application, will create even more opportunities for advisers seeking to develop their protection business.
Levels of cover have been increased overall with the maximum level of cover increased to £40,000; a wider range of premiums from £10 to £75 per month are now available; and accidental death benefit has been increased to £48,000 in the first two years.
Two additional services are also integral to the new product: access to a free independent long term care advice service from one of the UK’s leading independent care advisers; and a no cost funeral funding option in association with The Co-operative Funeralcare. This allows payment directly from a policy’s proceeds towards funeral expenses, as part of which The Co-operative Funeralcare will make a £250 Contribution towards the funeral costs (terms and conditions apply).
“Understanding the market is critical to ensuring that our products can assist advisers in solving their clients’ protection wants and needs,” said Karl Elliott, marketing director at Engage Mutual.
“Working closely with intermediaries for the past three years on Guaranteed 50 Plus Life Cover, we have honed and enhanced the product to make it a more accessible and comprehensive offer for clients seeking that little bit more peace of mind from their life cover.”