The Exeter has launched a multi-benefit application system to streamline the adviser application process for its income protection and life insurance products.
As part of the process, advisers will receive upfront visibility of ratings, exclusions, and medical evidence requirements.
The mutual has also made changes to its life insurance product Real Life more widely accessible to include both dual cover and joint life options.
A joint life policy pays out on the first death or terminal illness diagnosis, while dual life allows couples to apply together but hold separate policies, each with their own sum assured.
The Exeter has also launched a joint life separation option which only requires consent from one policyholder.
Alongside these changes, it has introduced beneficiary nomination to Real Life, which enables policyholders to name their chosen beneficiaries at the point of application without the need to complete a trust form.
In addition, waiver of premium has been added to Real Life, meaning if a client claims on an income protection policy with the mutual, as a result of being ill or injured, their Real Life premiums will be waived too.
Updates have also been made to its income first product, including an increased fixed benefit option, reduction in the UK residency duration and indexation update.
The Exeter director of distribution and marketing Steve Bryan says: “Our new adviser protection portal allows advisers to obtain multiple quotes for income protection and life insurance and carry these through to application.”
“The experience has been designed to be intuitive, providing advisers with information about ratings, exclusions or any further information needed. This allows advisers to manage client expectations around the cost of cover and when they can expect to receive an underwriting decision.”
“These developments are further complemented by enhancements to our income protection and life insurance products. The ability for applicants to now fix 100% of their income protection benefit within six months of their policy starting provides greater reassurance at the point of claim.”
