Permanent Insurance is the latest provider to include life cover buy-back on its critical illness po...
Permanent Insurance is the latest provider to include life cover buy-back on its critical illness policies.
Previously only offered by Colonial and Swiss Life, this option allows policyholders to reinstate life cover post critical illness claim with no requirement for further underwriting.
It means that clients can buy back up to the full critical illness sum assured as life cover one year on from making the initial critical illness claim.
Other enhancements to Permanent's critical illness range include the introduction of fully guaranteed rates for Critical Mortgage, fast-track underwriting and higher medical evidence limits.
Up to age 40, for example, there is no requirement for a medical attendant's report for cover below £300,001 nor a medical examination report, blood profile and ECG for sums assured below £750,001.
Rates have also been slashed by an average of 20%, while commission to IFAs has been increased from 100% to 125%.
The overhaul is accompanied by a new campaign designed to reinforce Permanent's commitment to the IFA market.
Rod Macdonald, sales and marketing manager, said: "There is an increasing awareness of the need for protection and our aim is to help IFAs increase sales of all protection products. Critical illness has gained more acceptance among consumers, but most still do not have any cover and the improvements we are making will make it attractive for IFAs to recommend."
Permanent will also launch a consumer campaign in the autumn to educate the public about the importance of protection products.
