Protection Products 

Exeter enters impaired lives market

Exeter enters impaired lives market

The Exeter is to enter the impaired lives market, offering protection to customers normally considered to be high-risk.

The protection specialist is making changes to the cover offered by its Managed Life plan to include people with health conditions that mean they would otherwise find it difficult to obtain life insurance.

It aims to extend the cover offered to the two target segments of the plan – those with type two diabetes and a high body-mass index (BMI).

Steve Bryan, director of distribution and marketing at The Exeter, said: “Recent developments in the impaired lives market have left a hole which advisers may have struggled to fill.

"For clients who are unable to get cover with mainstream protection insurers, advisers may have been forced to compromise on the cover they can offer.

“This is a natural extension for The Exeter and our recently launched Managed Life plan.

"Building further on its success will ensure that quality, affordable life cover is available to additional segments of the population who have a real need, but were at risk of being underserved by the market.”

Alan Knowles, managing director at Yorkshire-based Cura Financial Services, said: “By extending their Managed Life product to higher risk clients, such as people with a BMI of over 45, The Exeter will fill the void left by Just Retirement’s withdrawal of protection products.

"Offering Managed Life cover to these people allows them to get vital protection from a respected insurer.”

The Exeter will provide more details on the development over the coming weeks, with quotes expected to be available from November.