Royal London 360° will replace its Protection Lifestyle proposition with a revamped product for expats and the local market in the Middle East and Far East.
Royal London 360° told International Investment, the new product, LifePlan, is set to launch in three weeks and will have extra features as well as comprehensive cover for expats and locals in the region.
"The aim of LifePlan is to satisfy the protection needs of all expatriates, including both non-resident Indian's as well as Western non-US expats in the target markets of Middle East, Far East and Africa," says Natalie Dutton, head of marketing at Royal London 360°.
Dutton says the market is currently dominated by Zurich International Life, which has a flexible whole-of-life product called Futura.
"No other offshore life company is at present actively marketing a product that would compete within the whole-of-life market," she adds.
However, Royal London 360° hopes to capture a share of the market by offering extras such as aeroplane cover, which is becoming increasingly important to expats particularly as people are wary of terrorist threats.
Other unique selling points include a 90 day waiting period on advanced critical illness, as opposed to the usual 180 day period plus children's plans.
LifePlan will also have repatriation cover benefits including acceleration of a small part of whole-of-life cover to pay towards a funeral or repatriation of a body.
‘Most significant’ upgrade since launch
Changes happening over coming months
Had accepted British Steel business
Aimed at HNW clients and family groups
Set for 1 April 2019