This will potentially save customers money, as they can consolidate all their protection needs into one plan rather than using separate providers for different types of cover. It will also make the application and underwriting process quicker and easier for both advisers and customers.
Customers can choose to combine a variety of benefits on both the personal and business protection menu, including life, critical illness, life with critical illness, family income benefit and so on.
The discount to the customer increases in line with the number of benefits they take out under the one plan. The new discounts range from £2.40 a month for two benefits, to £9.00 a month for five benefits.
The change, effective from Friday 12th February aim to encourage advisers to recommend more than just life assurance, so their clients can save money while taking advantage of the other benefits a menu-based plan bring.
The benefits to the customer and adviser include less paperwork, as there will only be one application form, one illustration, one policy number and one underwriting process, all of which makes the process simpler and quicker.
Stephen Crosbie, head of proposition – protection and investments, at AEGON said: “Protection is not just about life insurance. It’s important that people protect their families and businesses with the right mix of income protection and critical illness cover as well. These discounts enable advisers to make a full range of protection cover more affordable for their clients.”