MetLife’s MultiProtect product now available through iPipeline Solutionbuilder
31 January 2019
MetLife has teamed up with iPipeline to grow the distribution of its accident and hospital cover product MultiProtect, as it seeks to grow the financial protection market in the UK.
MultiProtect will be available to selected distributors who use iPipeline’s protection sourcing solution, SolutionBuilder. It offers policyholders payouts of up to £250 a day for UK hospital stays; £3,750 for broken bones and £250,000 for total permanent disability or £200,000 for accidental death.
Richard Horner, head of individual protection, MetLife, said: “Having MultiProtect fully integrated into distribution firms’ advice processes will enable more customers to get access to protection that meets their needs. We designed MultiProtect not as a replacement for life, critical illness or income protection. It is additional cover that complements other protection products.”
MetLife said that research had shown advisers believe clients would be more interested in individual protection if it was more affordable (67%), while nearly half (48%) say customers are put off by potential underwriting issues and almost two in five (39%) say clients are deterred by the length of the sales process.
In a bid to address these issues, MultiProtect cover starts at £8 a month and does not require underwriting. Families can opt to have additional cover for any children – up to 23 years of age in full time education – from £1 extra per month.
Ian Teague, UK group managing director, iPipeline (pictured), commented: “Technology has played a contributing factor in helping grow the protection market by making it easier for advisers to address their client’s overall protection needs. However, innovation from providers is key – we’re proud to support MetLife in distributing their unique product, MultiProtect.”
ATEB Consulting’s Steve Bailey looks at how the FCA’s view of suitability and what that means in practice for...
Paraplanners who have been furloughed and are concerned that their company will not have a job for them should...
The Supreme Court has ruled that a pension transfer made in ill health should not be subject to inheritance...