The Exeter. Protection Overview January 2018

Transcription

1 The Exeter Protection Overview January 2018

2 Managed Life

3 The problem Life insurance for those who need it most Healthy lives are targeted, so why not people with common health conditions? The need for cover is potentially greater Cost and process can dissuade your clients from doing the right thing

4 Managed Life target market 1) Type 2 diabetes A population of 3.2 million, precited to grow to 5m in 2025 Estimated to be at least 2.5% of all protection applications 2) High BMI 64% of UK adults overweight or obese Estimated to account for 15% of all protection applications Sources: Diabetes.org.uk BBC

5 What is Managed Life A simple life insurance plan with 3 key differences 1) Designed to meet the needs of two specific health conditions 2) We give members a simple annual control measure target 3) Premiums will fall if control measure targets are achieved

6 Managed Life in practice

7 Managed Life in practice how it s designed to work Client provides an update of their control measure (HbA1c or weight) when requested at policy anniversary When they go below their control measure target, their premiums reduce by the percentage confirmed when they applied They will continue to benefit from the same percentage reduction in premium each year they achieve their lower premium limit Once they reach their lower premium limit, as confirmed when they applied, premiums will be locked for the remainder of the term

8 Example Managed Life in practice Overweight member showing gradual improvement Age 40 Height 5 9" Weight 21st 10lb Non-smoker Not a type 2 diabetic

9 Examples Managed Life in practice Weight at each anniversary. Positive control measure target reached - discount applied to premium.

10 Example Quote 1: Personal details 2: Height, weight and diabetes 3: Partially-underwritten quote results

11 Impaired Life

12 Impaired Life Serious ill health happens

13 What is an Impaired Life? For protection insurance, it means clients who have serious or multiple health conditions, and/or have previously been declined cover.

14 The process Developed alongside specialist advisers, a process which delivers the following benefits. An online quote request form with the ability to upload supporting medical evidence A portal to retrieve and manage quotes Automatic updates linked to unique quotes reference numbers and client name Online apply journey pre-populated with quote details E-forms for placing policies in trust Data capture form for client visits.

15 Product specifics Managed and Impaired Life

16 Managed / Impaired Life product specifics There are two types of benefit available level or decreasing Terminal illness cover inclusive Temporary benefits - accidental death benefit and mortgage free cover benefit No joint policies 2 linked policies with a discount Does not include GIOs or WOP typically limited to standard lives policies

17 Managed / Impaired Life product specifics Minimum Age 18 Maximum 80 (policies can be written to 90) Minimum Term 5 years Maximum 50 years (subject to above) Minimum Sum Assured 20,000, Maximum 3m Minimum Premium per month Standard Trust Form available Online

18 Income Protection

19 Our Plus product range

20 Added flexibility A wider range of claim periods 2 year / 5 year / full term A wider range of waiting periods, from Day 1 to 1 Year A wider range of premium options, from reviewable to guaranteed

21 Added simplicity Guaranteed Insurability Options included as standard Waiver of Premium improved and included as standard No deduction of state benefits from your client s benefit

22 Added affordability Premium savings of up to 50% Our lowest prices + Better features for your clients

23 Membership Benefits

24 Membership Benefits GP Helpline - Available 365 days year, 24 hours a day - Diagnosis - Advice - Second opinion Private prescription service - No more waiting for an appointment - Available after consultation - Delivered to your door Virtual GP service - Online, face to face consultation - Arranged over the phone - Tablets and smartphones can be used for convenience

25 Thank you For Financial Advisers Only The Exeter is a trading name of Exeter Friendly Society Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Register number ) and is incorporated under the Friendly Societies Act 1992 Register No. 91F with its registered office at Lakeside House, Emperor Way, Exeter, England EX1 3FD. 2017/2271