Synergy Financial Products Limited has relaunched the menu plan Synergy Protect. The life, critical illness and income protection insurance elements of this plan are underwritten by Prudential Assurance. The unemployment insurance is underwritten by Hamilton Insurance Company (part of the HSBC group).
There are many changes including:
The new Association of British Insurers (ABI) critical illness definitions
Premium reductions
Increased loyalty discounts – now up to 52.5% from year 16 (it starts at 5% in year two). For unemployment insurance, the discount is 20% after five years
The introduction of life of another (making it ideal in key person insurance)
An extension of the maximum plan term from 40 to 51 years (to a maximum age of 70), reflecting changes in the mortgage market, i.e. longer mortgages
Free children’s CI cover. This pays 50% of the CI sum insured up to a maximum of £25,000. Pre-existing conditions are excluded as the cover is not underwritten
Back to day one cover for unemployment insurance
Fewer exclusions
Clearer definitions
Name changes: the sickness and accident benefit has been renamed Income Protection and the guaranteed insurability option has been renamed Cover Increase Option
There is no longer a minimum sum insured requirement on life
Life insurance: News update: July 2007
