PruProtect has announced enhancements to its Relevant Life Cover policy including an increase in the maximum sum assured and index-linking policies to keep pace with inflation.
Policies will now offer cover up to (and, in exceptional circumstances, over) 20 times the employee's annual remuneration, up to a maximum sum assured of £10m.
In addition, the policies can now be index linked in order to keep pace with inflation and increasing earnings and terms can be offered from a minimum of one year - ideal for staff on fixed, short term contracts for example.
The insurer said advisers will be able to use editable online trust documents in order to ensure that the plan is eligible and the documentation is professional and simple to complete.
In addition, three new continuation options have been introduced for employees wishing to transfer their policy upon leaving their previous employer. The options are transferring as a Relevant Life policy to a new employer, continuing as a simple personal life cover product or replacing with a personal plan with access to other benefits with no further underwriting required
Phil Jeynes, head of account development at PruProtect, said: "Relevant Life Cover is a growing sector of the Protection market and with around 24 million private sector employees in the UK we believe that the opportunity for further penetration is significant. We have listened to our intermediary partners and relaunched our product to meet their changing needs."
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