Protection insurance that rewards you for being healthy

Today sees the launch of PruProtect, a new protection product set to revolutionise the protection industry. PruProtect is brought to the UK market through a joint venture between Prudential UK and South African insurer, Discovery.

PruProtect’s suite of products offers customers Life Cover, Income Protection and severity based Serious Illness Cover. It follows the success of PruHealth by using the innovative Vitality points system which is designed to encourage people to take control of their own health and wellbeing and to give them the potential to manage their premiums throughout the course of their contract.

By recognising people’s efforts to look after themselves, PruProtect is able to offer a more comprehensive set of benefits than traditional providers at a very competitive price. For example, its severity based approach to Serious Illness Cover breaks the mould of traditional ‘all-or-nothing’ Critical Illness policies and takes on today’s key challenge of engaging consumers in the UK protection market.

By making significant efforts to keep healthy such as going to the gym, stopping smoking or attending a health screening, policyholders can earn points to potentially reduce their premiums year-on-year.

PruProtect with Vitality includes the following benefits:

Choice of gym membership deals at Cannons, LA Fitness or Virgin Active
Free fitness assessments at Cannons, LA Fitness or Virgin Active
Subsidised full health screenings with the Diagnostic Clinic and Nuffield
Big discounts at Champney’s health resorts
Discounted smoking cessation courses with Allen Carr’s Easyway to Stop Smoking
Discounted Fitbug pedometer to count steps

Along with the benefits of Vitality, PruProtect’s Serious Illness Cover works on a severity basis rather than the current ‘all-or–nothing’ approach adopted by Critical Illness providers.

Using a severity based product means that under PruProtect the claim is proportionate to the severity of the illness and the likely financial detriment that may result.

This means policyholders are covered for more conditions than with many traditional Critical Illness policies and could receive money at an earlier stage; the payout will reflect their needs at that time. This means the payout may be less than under a traditional Critical Illness policy, but if their condition worsens they could then receive further payouts at set stages. Or, if their health recovers, the policy continues as normal and they are able to claim again if needed - unlike a traditional Critical Illness policy which would cease.

Shaun Matisonn, CEO, PruProtection, said: “PruProtect encourages individuals to take charge of their health and wellbeing and rewards them for doing so. Through Vitality, PruProtect supports people when they are well, but is also better able to look after them financially when they are not. Our aim is to start tackling the negative image of protection insurance products in the UK by launching a company that people can interact with and which reflects their lifestyle. Our Vitality scheme means that PruProtect customers will be able to help manage their premium levels as well as giving them the potential to receive other benefits such as discounted gym membership and health screens.

PruProtect will initially only be available through financial advisers.

For further details on PruProtect and the Vitality scheme please speak to a financial adviser or visit pruprotect.co.uk.