moneysupermarket.com: launch of PruProtect

Commenting on the launch of PruProtect, Emma Walker, head of protection at moneysupermarket.com, said: “This is a novel move for the protection market and actively encourages consumers to lead a healthy lifestyle. The vitality points system allows consumers access to lower premiums if they are prepared to go to the gym regularly, stop smoking and attend health screenings. If a policyholder’s efforts are significant enough, they could see a 2.25 per cent decrease in their premiums over the year.

“In order to benefit from reduced premiums, consumers should think carefully whether they will actively take steps to improve their health. If not, it might be better to opt for a traditional protection product. A good adviser can highlight appropriate policies and can help consumers compare products so they are able to arrange protection for their specific needs.

“Policyholders are also covered for severity-based serious illness cover, which works differently to most critical illness policies.

“It is important consumers understand exactly what they are buying. People should view income protection, critical illness, life insurance, private medical insurance and mortgage payment protection insurance as a basket of goods, choosing which are most relevant for them at any given moment.”

moneysupermarket.com has the following tips when looking for protection:

Don’t always be lured by the lowest priced premium. Look at policy coverage and extras within the cover to make sure you are getting the best value for money

Make sure your answers are correct and give all of your relevant personal information and medical history, or a subsequent claim might be rejected

Always review cover at life-changing events such as a change of job, having children, a change in marital status, increased debt or moving house

When replacing a policy, always seek advice and compare like for like, as the premium may be cheaper but the coverage might not be as comprehensive. Never cancel anything until the new cover is in place

If the premium is too big for your budget, consider getting some initial CIC that you can add to later.