The Exeter add ‘first job promise’ and ‘redundancy premium holiday’ to Income First

The Exeter has added a first job promise and redundancy premium holiday to its Income First product to provide greater support for members who find themselves in vulnerable circumstances.

When an income protection claim is made, a member’s benefit is assessed against their previous 12 months of earnings. But for those who have just started work following full-time education, this can be impossible to provide, exposing a gap in cover.

With The Exeter’s new ‘first job promise’, if a member claims within their first year of employment, they will calculate their income based on an annual salary of the income they have so far earned prior to the claim.

A ‘redundancy premium holiday’ offers support to members made redundant and facing financial difficulties, offering to waive their premiums for up to three months. It will support both employed and self-employed members, who must have held their policy for 6 months to qualify.

If the member is self-employed, they will qualify for the feature if they suffer a form of business failure – such as bankruptcy, insolvency, or liquidation – at least six months after the policy starts. The redundancy premium holiday is aimed at giving members greater certainty during times of financial difficulty and the ability to retain full cover, benefits, and access to value-added services, such as HealthWise.

Prioritise your client’s protection with indexation

With the inflation outlook more uncertain than it’s been in years, indexing a plan has never been more relevant. Indexation enables your clients’ cover to increase each year with no further underwriting and protects them against rises in the cost of living – making sure they have the cover they need now and in the future.

Plus, your clients can now access Vitality’s new and enhanced upfront discount of 4.5% off their premiums when they add indexation to their term life cover1. That’s the same marketleading cover, with a bigger discount.

To find out more about Indexation, visit Vitality’s website here. 1 The discount of 4.5% on Term plans (excl. Income Protection) and 5% on Whole of Life plans applies to single life plans only. The discount of 1% is for joint Whole of Life plans.

GP 24/7 – the most used added value benefit

This headline appeared in the press last weekend:

Access to Virtual GPs is the most used of the Added Value Service that our providers offer. With the NHS under strain and wait times for GP appointments often 2-3 weeks away, having access to a virtual GP within a few hours, often at a slot chosen by the client, is an invaluable benefit and, according to research from Pacific Life Re one that clients would pay over £5 per month for if they were able to subscribe to a standalone service.

So remind clients that although services vary by provider, this will often form part of the free additional benefits that come with the protection you arrange. Most services are free of charge, are available for family members and not just the life assured and can be used throughout the life of the plan.

New Aviva webinar - Walking the UK’s economic tightrope

Summer 2023 will be one of economic uncertainty. Inflation is still high, interest rates are rising, investment markets are shaking, the property market is wobbling, and talk of recession is reemerging. How did we get here, and where might we go next?

Join Aviva in this 1 hour CPD webinar to examine:

The health of the UK economy today, and the latest outlook for 2023 and beyond

Recent drivers in the movement of key investment markets

The latest outlook for property in the UK

Interest and inflation rates – Why are prices rising so fast and what this means for the UK?

Date: Wednesday, July 26, 2023

Time: 10:00 AM British Summer Time

Duration: 1 hour

To book your place, register today and Aviva will send you a confirmation email with your joining details and a link to the webinar.

Be vigilant on application fraud as affordability is squeezed

Halifax Intermediaries has issued a great new guide to help you spot fraudulent mortgage applications.

You may be surprised to learn the largest share of fraudulent applications Halifax decline is from first time buyers. To protect first time buyers, Halifax wants to work together with its intermediary partners to ensure lending remains affordable.

In this latest article from Halifax, there are top tips on how to spot fraudulent applications and what you can do to help prevent mortgage fraud.

Take time to read the guide