The Exeter has launched Income First, an income protection product combining its Income One and Pure Protection products.
Income First has been designed to simplify the income protection journey for both advisers and customers, offering cover across a range of occupations from office-based professionals through to manual workers and skilled trades.
In response to feedback from advisers, The Exeter is introducing level guaranteed premiums across all occupation classes, as well as continuing to offer age-costed options.
The need for medical evidence at the underwriting stage has also been reduced with improved non-medical limits.
The Exeter does not request medical evidence as standard for applicants under 42 years old, while the threshold for financial evidence has also been increased.
Income First also features an employer change promise, designed for members who may change employment during the term of their policy and find that their sick pay is restricted, such as during probation periods.
Eligible policyholders who need to make a claim may be able to receive their benefit before their waiting period finishes.
NHS medical professionals or teachers who take out an Income First policy will also have the opportunity to benefit from flexible waiting periods, while more options for members to increase cover in specific circumstances have been introduced, such as for those in rental accommodation.
Steve Bryan, director of distribution and marketing at The Exeter, said: “We’ve seen substantial growth in our income protection business in the last five years by developing strong products and backing that up with consistent service.
“Income protection should be the number one priority when it comes to protecting financial futures, and so we’re building on our expertise, as well as feedback from advisers, to evolve our product further.
“By doing so, we hope to be able to provide greater flexibility and meet the needs of an even wider group of customers.”