Simple products? We got there first, says Exeter Family Friendly
Friday 17th August 2012
Specialist healthcare and protection insurer Exeter Family Friendly has welcomed the findings of the recent ‘simple products’ consultation led by the Treasury – but pointed out that it already has a product that fits the bill.
The consultation recommended a blueprint for a simple income replacement product including a simplified approach to financial underwriting, cover in even blocks of £100, and a focus on simplified communication and terms.
Chief executive Andy Chapman said: “Simple products are central to what we do, so any move towards greater transparency is hugely positive. I’m a big advocate of any initiative which makes income protection more accessible and I think this consultation is striving to do this.”
He said Exeter Family Friendly already offers an entry-level plan, called Bills & Things, which was launched in 2009.
The product, which already includes many of the features of the ‘simple product’ blueprint, such as the removal of any financial underwriting and cover sold in blocks of £100, has been popular with advisers since.
Chapman continued: “The concept is simple. We wanted to design a plan where the adviser and client has as few decisions to make as possible, whilst ensuring that the product still delivered when it was needed.”
“It looks as though this is going to be the challenge for other insurers following the simple product blueprint.”
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