PruProtect has said it will 'lock in' reductions on its protection policies so premiums will not inc...
PruProtect has said it will 'lock in' reductions on its protection policies so premiums will not increase.
The move will apply to PruProtect's Life Cover, Serious Illness Cover and income protection products, and is aimed at policyholders who actively try to gain Vitality points through leading healthier lifestyles.
PruProtect said existing or pipeline customers will be given the opportunity to move to the new system without any need for additional underwriting. The enhancements went live on 16 November.
Under the proposed changes, male non-smokers aged 30 with a 20-year term policy will see their premiums decrease from £22.16 to £20.45, a fall of 7.7% while female smokers of the same age but with a 25-year term will see their premium fall from £38.84 to £35.98, representing a 7.4% downward adjustment in the price they pay. The figures given were for Level Life and Serious Illness Cover, Primary Serious Illness Cover, occupation class one, guaranteed rates and £100k worth of cover.
The provider said that premium changes due to indexation or the choice of reviewable premiums will still apply. Premiums discounted by a percentage will still see the discount applied to the new premium.
Kevin Carr, director of protection development at the provider, said: "Our Serious Illness Cover is already the most comprehensive of its kind in the UK. As well as becoming more competitive, we are enhancing our proposition for consumers by allowing them to reduce their future premiums and keep them low."
