The latest income protection products from PruProtect, a joint venture between Prudential and South African financial services firm Discovery, are called Primary Cover and Comprehensive Cover.
Both come with the Vitality programme which means that premiums can decrease but not increase.
They also include a financial underwriting guarantee which ensures that if clients’ proof of income is provided at the application stage no further salary information prior to the claim will be needed.
Other features include broker access to underwriters, recovery and back to work benefits and optional unemployment cover.
Peter Le Beau, co-editor of the Protection Review and Income Protection Task Force says: “From a task force perspective it is positive news to see innovation in the individual IP market.
“What PruProtect has done is to look at the points of concern that advisers and consumers have with IP and tried to find a solution.”
PruProtect has also extended its existing life cover product to include people living with HIV, in what it says is the first move of its kind provided by a UK mainstream insurer.
The product provides up to £250,000 life cover over a maximum period of ten years.
Initially it will cover a limited range of people living with HIV but PruProtect says that criteria will eventually be broadened out to cover a wider demographic.
Kevin Carr, director of protection development for PruProtect, says: “We are pleased to be the first mainstream insurer to provide life cover for people living with HIV.
“I believe it is better to provide some cover for some people, than nothing for all.”