Bristol & West is to unveil a brand new protection range comprising advice-based and execution-only ...
Bristol & West is to unveil a brand new protection range comprising advice-based and execution-only family and mortgage protection policies, writes Catherine Tennant.
Launched in conjunction with Eagle Star, the mix-and-match range includes competitively priced decreasing and level term deals protecting the policyholder or mortgage repayments in the event of death, terminal illness and/or critical illness.
The range is split into products available through one of Bristol & West's personal finance managers and those available on an information-only basis within the mortgage interview itself.
From the personal finance managers, customers will have a choice between the Guaranteed Protection Plan, where premiums are set for the life of the policy, or the Flexible Protection plan, where rates are guaranteed for the first five years of the policy and reviewed annually thereafter. The latter plan allows cover and the term of the plan to be increased.
The execution-only range MORTGAGE PROTECT offers the choice between life, critical illness and terminal illness cover on a level or decreasing term basis, depending on whether the mortgage is interest-only or repayment.
Paul Wells, senior product manager, investments, at Bristol & West, said the range had been developed following a review of the lender's existing protection product offering.
He said: "We found that after comparing our existing product range with comparable products in the market place we found that some elements were very competitive while others were not. Customers also did not have the ability to choose the appropriate service options to match their needs."
As a result, the company has cut the cost of its critical illness cover by up to 30%.
"This is an area we strongly felt we had an obligation to encourage as many customers as possible to look at because we know that during the mortgage term, for example, the risk of suffering a critical illness is far more likely than dying," Wells said.
He added that by dividing the range into advice and information-only products, B&W was taking a realistic look at customer demand.
"As a key player in the mortgage market it makes sense to align our mortgage protection to what our customers want. If they want help in choosing the right type of product or level of cover, our personal finance managers can assist. If the customer knows exactly what they want, then MORTGAGE PROTECT is the service for them."
