The Exeter Launches Enhanced Application System and Product Updates for Advisers
The Exeter, a mutual financial services provider, has introduced a new multi-benefit application system designed to streamline the application process for its income protection and life insurance products. This system provides advisors with upfront visibility of ratings, exclusions, and medical evidence requirements, enhancing efficiency and transparency.
In addition to the new application system, The Exeter has made significant changes to its Real Life life insurance product. These enhancements include the availability of both dual cover and joint life options. With a joint life policy, payments are made upon the first death or terminal illness diagnosis. Conversely, dual life allows couples to apply together while maintaining separate policies, each with its own sum assured. The Exeter has also introduced a joint life separation option that requires consent from just one policyholder.
Real Life now includes beneficiary nomination, enabling policyholders to name their chosen beneficiaries during the application process without needing to complete a trust form. Furthermore, waiver of premium has been added to Real Life. This means that if a client claims on an income protection policy with The Exeter due to illness or injury, their Real Life premiums will also be waived.
Updates have also been made to The Exeter’s income first product. These include an increased fixed benefit option, a reduction in the required UK residency duration, and an update to indexation.
Steve Bryan, Director of Distribution and Marketing at The Exeter, explained, “Our new adviser protection portal allows advisers to obtain multiple quotes for income protection and life insurance and carry these through to application… The experience has been designed to be intuitive, providing advisers with information about ratings, exclusions or any further information needed. This allows advisers to manage client expectations around the cost of cover and when they can expect to receive an underwriting decision.”
He added, “These developments are further complemented by enhancements to our income protection and life insurance products. The ability for applicants to now fix 100% of their income protection benefit within six months of their policy starting provides greater reassurance at the point of claim.”
