Metlife has launched its protection product on iPipeline’s sourcing platform as it seeks to grow the protection market in the UK.
The Multi Protect accident and hospital cover will be available to selected distributors who use iPipeline’s Solution Builder platform.
Multi Protect offers maximum 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.
Metlife believes the product addresses common challenges faced by advisers.
It said research among a representative sample of 200 financial advisers in August 2018 had shown clients would be more interested in individual protection if it was more affordable (67 per cent).
Nearly half (48 per cent) told Pollright customers were put off by potential underwriting issues, while 39 per cent said clients were deterred by the length of the sales process.
Multi Protect cover starts at £8 a month and does not require underwriting. Families can add optional cover for any children up to age 18 if living at home, and up to 23 if in full time education, from £1 extra per month.
Richard Horner, head of protection at Metlife, said: "Having Multi Protect fully integrated into distribution firms’ advice processes will enable more customers to get access to protection that meets their needs.
"We designed Multi Protect not as a replacement for life, critical illness or income protection. It is additional cover that complements other protection products."
Ian Teague, UK group managing director at iPipeline said: "MetLife’s introduction of affordable protection with a simple application process, including the provision of instant cover, highlights that sourcing protection is not always a complicated, expensive process."
Dippy Singh is a freelance reporter for FTAdviser
