The plan is currently the only one of its kind to offer customers the flexibility to claim an early payment of the sum assured on diagnosis of a serious or terminal illness, alongside free access to a personal nurse adviser in the event of serious or terminal illness. It continues to offer guaranteed acceptance without a medical, affordable premiums, and a straight forward application process.
Engage Mutual has eight years’ experience of selling its life cover via intermediary networks and directly authorised advisers. The mutual attributes its 100 per cent increase in premium income 1 to its latest product enhancements and believes this has also prompted adviser networks to actively seek it out. The product benefits are added as a free inclusion and are not at the expense of sum assured or increased premiums.
Engage Mutual’s marketing director, Karl Elliott said:
“For advisers it remains a strong offer – guaranteed life cover alongside a quick application process.
"But guaranteed 50 plus life cover now has the attraction of providing very real added benefits to their customers should they face a serious or terminal illness diagnosis.
“In this instance, they can access their sum assured fully if illness is terminal, or partially in the case of serious illness, to help them manage their individual situation in a way they choose. They can also call on emotional and practical support from a personal nurse adviser, at no cost to them.”
Policyholders diagnosed with a terminal illness after the end of the moratorium period, which applies in the first two years of the plan, can claim the full sum assured, in which case the policy would close. Those diagnosed with a serious illness after the moratorium period can claim 20 percent of the sum assured. The serious illness benefit can be claimed once, and the remaining cover would then be reduced for terminal illness, or on death.
Providing access to a cash lump sum at a time of crisis can help alleviate money worries and assist with any practical changes that may need to be made at home. Karl Elliott continued,
“Feedback from advisers confirms that our enriched mutual proposition is driving their interest. It is a real differentiator that a product designed to offer benefits on death now enables policyholders facing devastating health challenges to realise valuable practical and emotional assistance while still alive.”
Two additional services are also integral to Engage Mutual’s guaranteed 50 plus life cover: 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, which could pay a £250 contribution towards funeral costs (terms and conditions apply).