PruProtect has launched a suite of seven new products targeting all spectrums of the individual protection market.
The provider unveiled education cover, family income cover, whole of life, business protection and relevant life plans alongside a Vitality Plus program and premium reduction Accelerator policy.
Its education cover is thought to be the only product of its type on the market, and has been designed to meet the costs of seeing a child through school and university in the event of a parent's death.
This is available in both state and private fee funding versions.
Family income benefit provides a monthly income instead of a lump sum payment, typically in the event of a policyholder's death.
However, the Family Income Cover plan is also available on the provider's critical illness product and includes a funeral benefit, guaranteed payment period and a spend protector which could double the cover for a client during the first year of claim.
Its Whole of Life offering has been enhanced with a critical illness version, guaranteed rate, joint life second death option, and reduced rates.
The provider will also pay the same commission levels to advisers for whole of life plans as it does for standard term assurance.
Its Business Protection and Relevant Life policies are its first entry to this market, with the second plan giving employers the chance to offer their employees life cover in a tax efficient manner.
The Accelerator option reduces the client's initial premium by up to 23%, with the premiums rising by 3% per annum thereafter.
However, those clients engaged fully with PruProtect's Vitality programme will be able to offset the 3% rises to their premiums and maintain the initial monthly payment.
Finally, the new Vitality Plus scheme includes 50% discounts on gym memberships with LA Fitness and Virgin Active and other lifestyle savings.
