Royal & Sun Alliance has cut premiums by up to 32% for its Progressive Protection term assurance and critical illness policy, aimed at key personnel.
Marketing manager Ronnie Martin (above) said: “Not only will new business be repriced, but existing policy policyholders will also receive a reduction in their premiums.”
The policy offers term assurance as a core product with critical illness available as a rider. While it is available to individuals, Martin said the small business community was the target market: “Under 10% of companies have loss of profit cover and 96% of businesses have less than 20 staff. We could add real value to these types of companies.”
He added there were also discounts for non-smokers and extra deductions were made for those who lived healthy lifestyles. The lifestyle discount is based on reasonable weight and height proportions and blood pressure within acceptable limits.
The cover may be bought for individuals up to the age of 70 and the individual is only underwritten once with premiums being increased with age.