From today, customers will benefit from significant premium discounts if their application includes more than one cover.
While the first cover in an application will continue to be charged at the standard premium rate, the second and every subsequent cover in the application will benefit from a premium discount of £2 per month, provided the covers are activated at the same time – even if they have different start dates or terms.
Commenting, Emma Prescott, head of life office relations at LifeSearch, said: “Multi-benefits have become a very important part of our customer advice proposition accounting for about 25% of new business. Fortis already has an excellent menu plan and the proposed discounting will be a very welcome addition. The combination of their proposition, competitiveness and service makes them one of our top protection partners”.
Martin Werth, managing director of Fortis Life UK added: “As an industry, 73% of the policies we sell are death only and yet consumers also need protection against serious illness and disability. Consumers find protection confusing and invariably think they only need one cover or struggle to afford more.
“The Fortis menu plan with discounts on multiple benefits makes it easier for advisers to rise to this challenge. Through the launch of our multi-product discounts, we’ve made our proposition even more financially compelling. We believe this is a significant step in reducing the protection gap and supporting our partners and their customers in advance of the RDR.
“We look forward to working with our distribution partners to help them support their customers even more effectively.”