UK insurance giant Prudential is poised to launch its new critical illness life assurance product which has been two years in the making.
Prudential’s Flexible Protection Plan product is designed to cater for a more flexible approach to illness than many established protection products. The company has spent two years discussing how the policy can be adapted to suit differing levels of illness and their impact on the policyholder.
Prudential hopes the policy will cater for an audience who currently find critical illness policies do not pay out because conventional cover is too inflexible and policies are too exacting in their cover requirements.
FT Adviser quoted Paul Cowman, head of protection for Prudential, as saying: We looked at the CI claims we declined in the last two years for conditions not meeting the definitions and think the new product would have paid out in about 70% of those cases.
The product is being introduced to advisers specializing in protection from July 2006.