Seriously different

Finally launched, Prudential's new protection product is certainly different. It not only covers more than 140 serious illnesses and over 50 disabilities, but it also pays out on severity as well as offering a 'multiple claims' option.

So has Christmas come early for the IFA community and its clients?

Well, according to the people that have seen the details of the product so far, it seems like this may be the case. They argue it is innovative and it is fairer than some other protection offerings in the market, while at the same time highlighting the importance of advice - something that is key for advisers if they are to survive the fight against their direct selling competitors.

But as with all new product launches, it also received its fair share of criticism - with the offering's complexity and cost being two of the main targets.

Is the criticism unfounded? To some extent, says one commentator. Dismissing those critics saying the product is complex, he said: "People can use complexity as an excuse for not selling the product but the fact is that it is no more complex than a SIPP."

Price, though, is another matter. Of course, cost is not everything and, as every IFA knows, looking for the cheapest quote does not equal best advice - finding something that meets the client's needs is.

However, with 'lack of affordability' being cited as one of the main reasons why consumers do not take out protection, price is still something that has to be taken into consideration.

Each person has their cut-off point when it comes to cost. For Prudential's sake, let's just hope this point is not below the price of its new protection product, which, price taken out of the equation, looks promising.

Johanna Gornitzki, editor

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