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Introducing PruProtect

Introducing PruProtect. Protection that goes further. Sections. Who is PruProtect Trends impacting protection Facts, stats and quotes Personal products Business products Vitality and Vitality Plus Growing your business. Personal Products. Build a plan that suits your client.

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Introducing PruProtect

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  1. Introducing PruProtect Protection that goes further

  2. Sections • Who is PruProtect • Trends impacting protection • Facts, stats and quotes • Personal products • Business products • Vitality and Vitality Plus • Growing your business

  3. Personal Products

  4. Build a plan that suits your client • Essentials Plan or PruProtect Plan • Term or Whole of Life • Core covers • Life Cover • Serious Illness Cover • Income Protection Cover • Customise solutions • Health Cover • Education Cover • Family Income Cover • Disability Cover • Indexation….. Vitality Plus

  5. 1 Build a plan that suits your client Build a plan that suits your client Choose either Essentials Plan or PruProtect Plan

  6. Essentials Plan vs PruProtect Plan * Only available where Life Cover is arranged on a whole of life basis and leading to an increase in inheritance tax liability

  7. The product spectrum PruProtect Plan PruProtect Essentials Traditional proposition • Non essential options removed • GIOs • Immediate Cover • Mortgage Free Cover • Vitality premium reduction • Child Cover optional • Minimum premium £8.00 • Mortgage decrease 7% • Option to upgrade See our Essentials sales aid for more details

  8. 2 Build a plan that suits your client Core covers

  9. Core covers We offer three core covers - your clients can choose to have one, two, or all three • Serious Illness Cover • covers more conditions than any other provider • payouts match the impact the illness has on your client’s life • the Minimum Protected Account option allows them to top their cover back up after a claim • Income Protection Cover • pays an income until your client can return to the type of occupation they had before • not just any sort of work • Life Cover • covers people with HIV - we were the first mainstream provider to offer this

  10. Serious Illness Cover How comprehensive would you like your cover to be? Would you like to receive a part payout if you’ve suffered a less severe illness? Would you like your cover to continue after you’ve made a claim? Thought-provoking questions to ask your clients

  11. Serious Illness Cover Our Comprehensive Plan covers 166 conditions and our Primary Plan covers 102 conditions Payments are based on severity of illness We don’t necessarily end your clients’ cover just because they’ve made a claim Where a full cancer exclusion applies to a Serious Illness Cover policy, we will reduce the premium Voted ‘Best Individual Critical Illness Provider 2012’ by Health Insurance See our severity based payment sales aid for more details

  12. Meeting customer expectations 100% 75% 50% Severity payments 25% 15% 10% Low severity Medium severity Higher severity Severity level

  13. Serious Illness Cover - Severity based payments See our severity payment sales aid for more details Your clients could receive a payout at an earlier stage of their illness, even if it is not life threatening Primary Plan includes levels A-D only All Levels available on the Comprehensive Plan

  14. *Covered with PruProtect’s Comprehensive Serious Illness Cover only The diagram shows estimates of the total body surface area (BSA) using the Wallace rule of nine method. The Wallace rule of nine is used to estimate the total surface area of a burn. ABI definition of 3rd degree burns: Burns that involve damage or destruction of the skin to its full depth through to the underlying tissue and covering at least 20% of the body's surface area. Severity based cover in action – 3rd degree burns

  15. Severity based cover in action - Musculoskeletal trauma Comprehensive Serious Illness Cover These are just some examples of the conditions covered under the musculoskeletal trauma benefit, for a full list please refer to the Plan Provisions

  16. Our Comprehensive Serious Illness Plan covers more body systems than traditional CIC PruProtect’s SIC 166 Traditional CIC 39

  17. The Critical Illness gap Blindness ABI Cover starts here 100% Significant Visual Impairment 75% Central Blindness 50% Client need Severity payments Tunnel Vision 25% PruProtect Cover starts here 10% Impact on lifestyle

  18. A familiar concept • New windscreen = £250 • Dent repair = £3,000 • New Car = £30,000 Appropriate payout and continuous cover

  19. We cover more with SIC - lumpectomy We cover the main treatment of ductal carcinoma in-situ (DCIS) of the breast* • 1 in 9 women will develop breast cancer at some time in their life1 • In the UK, 70% of women with DCIS are treated by breast conservation2 • PruProtect pays out if a client undergoes lumpectomy, cystectomy or partial mastectomy * Available on Comprehensive Plan only 1: Office for National Statistics, October 2008 2: NHSBSP Publication No 66, July 2008

  20. SIC - Louise’s claims experience Although we made two payments to Louise for her illness, she still has cover available if she needs to claim again • Louise is still protected, even if she were to be diagnosed with a new illness • If the worse should happen and Louise dies prematurely, her Life Cover offers the peace of mind that her family will be financially supported See our claims case study for more details This example is based on an actual PruProtect claim. Some personal information has been amended to maintain confidentiality of the claimant

  21. We cover more with SIC – mastectomy We will pay 25% to a client who undergoes a total mastectomy for DCIS of the breast* • 1 in every 1,000 women who attends a breast screen is diagnosed with DCIS (an early form of breast cancer)1 • Almost two thirds of all women newly diagnosed with breast cancer are now likely to survive for at least 20 years2 *to a maximum of £250,000 Sources: 1. NHS - November 2010 2. Cancer Research UK, 2007

  22. We cover more with SIC - Crohn’s disease We will make a payment up to 50%, sepending on severity • Crohn’s disease is a condition that causes the lining or parts of the digestive system to become inflamed • There are currently 90,000 people living with Crohn’s disease Source: NHS - August 2009

  23. We cover more with SIC – coronary angioplasty We cover coronary angioplasty irrespective of the number of arteries that are affected* • In 2009, around one in five men and one in eight women died from heart disease1 • Coronary angioplasties are one of the most common types of heart surgery2 • In 2009, over 80,000 angioplasties were performed in the UK compared to around 20,000 bypass grafts3 • Over 80% of these angioplasties were single vessel operations * Available on Comprehensive Plan only Sources: 1.British Heart Foundation, 2010. 2. NHS, 2009. 3. BCIS, 2009

  24. We cover more with SIC – low grade prostate cancer We are the only provider that pays out on diagnosis of low grade prostate cancer* • Prostate cancer is the most common cancer in men in the UK • In the UK, around 37,000 men are diagnosed each year • A client does not need to have their prostate removed to be covered *25% of amount and to a maximum of £250,000 Source: Cancer Research UK, 2011

  25. Income Protection Pays and income until your client can return to the type of occupation they had before • Access to up to £2,000 worth of specialist care & support • We won’t reduce the income we pay them if their salary drops • We pay a cash bonus for 2 months after they go back to work • We provide extra income if they have a disability that’s diagnosed as permanent • Self-employed clients could get an income as early as 7 days after they stop working

  26. Life Cover If your client dies while they’re covered, Life Cover pays a lump sum • Up to £5,000,000 cover is available on whole of life or fixed term basis* • Terminal illness cover automatically included • Choice of level or decreasing cover or cover that increases with inflation • Up to £250,000 cover for individuals with HIV who meet certain qualifying criteria *A higher capacity up to £10,000,000 for indexed and 20,000,000 for non indexed may be available subject to meeting specified criteria

  27. 3 Build a plan that suits your client Customise your clients cover Vitality Plus

  28. Plan Account Minimum Protect Account option Claim 1 reduces the Plan Account Claim 2 reduces the Plan Account MPA set at 100% MPA tops cover back up MPA tops cover back up The Minimum Protected Account option allows clients to claim an unlimited number of times for Serious Illness Cover – up to the maximum payout of three times the original level of cover or £1 million.

  29. MPA – Stacey’s claims experience Stacey’s cover was immediately topped up after her claim, with no further underwriting, exclusions or premium increases • Stacey had protected 100% of her plan with our unique Minimum Protected Account option (from as little as £5 per month) • If this had been a traditional critical illness claim, her policy would have ended, leaving her unprotected See our claims case study for more details This example is based on an actual PruProtect claim. Some personal information has been amended to maintain confidentiality of the claimant

  30. Protected Life Cover With Protected Life Cover, your clients’ Life Cover stays the same regardless of any Serious Illness Cover claims they make • If your client has Serious Illness Cover as well as Life Cover, making a Serious Illness Cover claim will normally leave them with a lower amount of Life Cover • We provide the option to protect their Life Cover

  31. Family Income Cover Did you know The average family’s mortgage makes up just a fifth of their monthly Spend1 93% of families do not feel they have adequate financial protection2 4 out of 10 families admit to being seriously affected by illness in the past, but still do not have any protection in place2 F A C T F A C T F A C T Sources: 1. ONS Family Spending, 2012 2. Moneysworth, February 2011

  32. Why should you sell Family Income Cover Maintain the same standard of living helps families replace lost income or meet regular monthly outgoings Add value to your clients provide a solution for a range of needs through one plan Peace of mind pays client’s family a guaranteed monthly income in the event of death, terminal illness or serious illness Cost- effective by choosing appropriate cover, your clients can get protection that’s more affordable Help your clients look after their family's living costs if something happens to them

  33. Why recommend PruProtect’s Family Income Cover? More likely to get a payout – benefit payable on death or diagnosis of a serious illness Flexible -increase cover in line with rising living costs or if client’s needs change Additional financial support at a time when it’s most needed – our Comprehensive Cover even pays the family’s bills for the first year Assistance for additional costs - up to £2,000 paid towards funeral costs Free Serious Illness Cover for children – for PruProtect Plan only We pay out for a guaranteed minimum period - choice of guaranteed minimum payment periods of up to 10 years, ensuring value of the cover is maintained throughout the term Vitality - a unique health and wellness programme, that rewards clients for looking after their health Check out our Family Income Cover sales aid

  34. Majority of living expenditure is non-mortgage related Mortgage expenses are 18% of expenditure Source : ONS, Family Spending 2012

  35. Protection is needed beyond the mortgage What would be your family's / partner’s financial concerns if you were to die or become critically ill?1 Source: 1Consumer testing for PruProtect, immerse, 31 Jan 2011, All stating a concern, excluding d/k or refused & none (426)

  36. Living expenditure Vicious Circle

  37. Family Income Cover solutions Pays monthly benefit to the end of the term Provides a safety net for the family’s income More cost-effective than a lump sum solution An income solution for income need – needs-based advice See our Family Income Cover sales aid for more details

  38. £10,000 Life Cover £10,000 Optional SIC for children £1,000 each month Family Income Cover (Primary) Education Cover (State school) Family package £21.36pm Total Male age 31 next birthday, non-smoker, fixed term of 30 years, 1 child age 7 next birthday. Premiums correct as of March 2013.

  39. Family Income Cover *not available on the Essentials Plan

  40. Education a 25 year commitment 68% of parents do not factor in costs of education Average student debt is £53,000* Tuition fees increasing to a maximum of £9,000 a year* Source: PruProtect research January 2011 *BBC News 2012

  41. Cost of education £200,000 to educate a child from private school to university1 • Numerous costs relating to schooling (uniforms, books, trips etc) • Average private school fee £12k per year (most expensive is £30k)1 • Average boarding fee £25k per year1 • Cost of private education rose by over twice the inflation rate (2004-2009)1 • 628,000 children in 2,600 private schools2 • Sources: • ISC CENSUS 2011 • Independent School Sector Statistics – ISC

  42. Education Cover Completely unique to the market Provides regular benefit payments to meet Private School or State School costs each term Designed to indemnify the costs of school fees Provides cover through to University education Additional benefits to support children in ill-health and to reward extra-curricular excellence See our Education Cover sales aid for more details Help your clients protect their children’s future

  43. Education Cover Did you know It can cost almost £1,247 a year to send a child to a state secondary school1 Private school fees have gone up by 30% over the last five years2 The Government has raised university tuition fees for 2012/2013 to a maximum of £9,000 a year3 F A C T F A C T F A C T Sources: 1. Thisismoney.com 2012 2. ISC Census 2010 3. How much will university or college cost?, accessed 28th February 2011, www.direct.gov.uk

  44. Why should you sell education cover? Education costs covered, regardless of future increases - automatic increases to cover bring certainty to otherwise uncertain future education costs Allows your clients’ children to fulfil their education potential Ensures your clients’ children don’t miss out on any part of their school life A unique product allows you to address your clients’ concerns around educating their children

  45. Why recommend PruProtect’s Education Cover? • £840per termpaid to cover general school costs • Up to£5,000 extra support if the child suffers a serious illness • Cover options for state, private day or private boarding school mean cover can be customised to suit clients’ circumstances • Benefits automatically increasein line with rising school or university costs • Benefits payable after schoolto fund further education, training or help to settle into a first job • £1,000 if the child excels at a listed activity • £1,000 to help with private tuition if the child is unable to attend school for an extended period due to illness • Vitality - a unique healthy living programme, that rewards clients for looking after their health

  46. Education Cover Provides benefit on death or diagnosis of severity A serious illness State school option Regular payment towards cost of schooling £840 per term Covers university fees (benefit paid even if university not attended) Star award £1,000 Hospitalisation benefit £1,000 Children’s SIC £5,000 Private school option – all of the above PLUS: Pays private school and boarding fees See our education cover crib sheet for more details State and Private options

  47. Education Cover A separate benefit is provided for each child Premiums determined by: • Parents age, smoker status • Number of children and their ages • Which option is selected Premiums are annually reviewable and increase in line with costs of education Premiums from as little as £6.39 amount each month1 Covers the costs of a child's education; including private school and university

  48. Case study – State School option £33,000* £27000* £1,000 £5,000 University Diagnosed with Leukaemia Parent Dies Secondary School £60,000 Primary School Premium £6.39pm Male 30nb ns. Life Cover, child age 5 nb Age 4 Age 22 *Calculations £34,404 = (789 a term x 3 terms x 12 years) + 6.000 (benefits) £27,000 for University = £9,000 per year x 3 years £61,404 = £34,404 (school) + 27.000 (university) This case study has been designed to illustrate how Education Cover can help your clients and is not an actual testimonial. Premiums quoted are indicative and will vary according to your clients’ personal circumstances.

  49. Disability Cover Your clients can receive a payout for either temporary or permanent disability A choice of three different levels of cover Disability Cover is not affected by claims made for Life or Serious Illness Cover We offer guaranteed and reviewable premium rates Protect your clients from the financial impact of disability

  50. Health Cover Your clients can get the treatment they need, when they need it, at first class hospitals • We pay for the cost of eligible private medical treatment • Three levels of cover to choose from: Heart & Cancer Cover, Primary Cover and Comprehensive Cover • Making Health Cover more affordable for your clients • Access to over 7,000 medical professionals • We even give your clients a no claims discount

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