Prudential has launched a new critical illness product, the Flexible Protection Plan, which pays out a proportion of the overall sum assured where the conditions are less severe than currently required for critical illness definitions to be met.
The provider has spent two years developing the product, and information gained from medical professionals has been used to construct the product so the payouts more closely meets the needs of the consumer.
The plan covers more than 140 serious illnesses and more than 50 circumstances where people are left disabled, compared to around 25 in standard critical illness products. It is available from selected advisers from this month.
Our view
We see this as a continuing trend. As long term illness and insurers understanding of financial product risks expands, so too will the diversity of products.
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