Zurich has launched a guaranteed whole of life policy for consumers who are prepared to pay more for the certainty that rates will not change.
This is in addition to its current reviewable policy.
The insurer believes the reviewable product is attractive for younger people who may have issues of affordability, whereas many consumers will like the security which comes with the guaranteed policy.
Peter Hamilton, protection management director at Zurich, says, “The issue for us is one of customer choice. There are customers who are quite happy to pay an additional premium for the certainty and the knowledge that their premiums aren’t going to change in the near future.”
The product is priced competitively, simple and straightforward, and includes the option for consumers to take out further cover without additional underwriting if inheritance tax (IHT) or their individual circumstances change.