The Exeter, a UK health and life insurer, has introduced a series of enhancements to its protection proposition, including a new multi-benefit application system designed to streamline the process for financial advisors and their clients.
New Multi-Benefit Application System
The most significant change is the launch of a new multi-benefit platform. Available to all advisors who write income protection and life insurance with The Exeter, the platform allows users to quickly generate multiple quotes and seamlessly transfer details to the application process. A key feature is the upfront visibility of ratings, exclusions, and medical evidence requirements, helping advisors manage client expectations more efficiently.
Widening Access to Life Insurance
As part of the changes, The Exeter has made its life insurance product, Real Life, more accessible. Previously unavailable, the product is now available on aggregator quote portals, allowing it to be included in a multi-benefit selection. Real Life is designed to cover a wide range of clients, from those in excellent health to those with complex medical conditions. The product offers both dual cover and joint life options.
A joint life policy pays out upon the first death or diagnosis of a terminal illness. Dual life allows couples to apply together but maintain separate policies, each with its own sum assured. Addressing concerns about financial abuse, The Exeter has introduced a joint life separation option that only requires consent from one policyholder.
Furthermore, Real Life now includes beneficiary nomination, enabling policyholders to name their beneficiaries upon application, eliminating the need for a trust form. Like a trust, which The Exeter continues to offer, beneficiary nomination ensures payouts can bypass probate and remain protected from Inheritance Tax.
Previously, the waiver of premium was added to Real Life—meaning if a client claims on an income protection policy due to illness or injury, their Real Life premiums will also be waived.
Strengthening Income Protection
The insurer has also updated its Income First product, offering additional financial security and flexibility to policyholders, including:
- Increased fixed benefit option: Clients can now secure 100% of their monthly income protection benefit (up to £7,500) within six months of the policy’s start date, providing greater certainty during claims.
- Reduced UK residency duration: The residency requirement to apply for income protection has been reduced from three to two years.
- Indexation update: Policies will now track the Consumer Prices Index including owner-occupier housing costs (CPIH) instead of the Retail Price Index (RPI), offering a more accurate reflection of inflation.
Steve Bryan, director of distribution and marketing at The Exeter, highlighted these improvements.
“We are delighted to announce the latest enhancements to our award-winning protection proposition which underline our commitment to providing advisers with innovative and accessible solutions to help them meet client needs. Our new adviser protection portal allows advisers to obtain multiple quotes for income protection and life insurance and carry these through to application.”
Bryan continued, emphasizing the platform’s intuitive design, which provides advisors with essential costing information. These developments enable advisors to manage client expectations surrounding the cost of cover and the expected time frame for underwriting decisions.
Michael Chapman, head of protection and general insurance at Dynamo, also lauded the new system.
“The Exeter’s excellent new system is designed with advisers’ ease and convenience top of mind. Today, advisers can source a recommendation for life insurance and income production offerings on a single platform, saving valuable time that would have been wasted on duplicating previously submitted work.”
He further noted the interface’s user-friendliness and aesthetic appeal, which contribute significantly to a smoother process for both advisors and clients.
