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Nucleus launches protection product on platform

by Jun Merrett on Dec 05, 2012 at 11:10

Nucleus launches protection product on platform

Wrap Nucleus has teamed up with Integrated Protection Solutions to offer protection on its platform.

The service called Wealth Protect is being piloted to 11 Nucleus firms and will be rolled out to all wrap users in 2013.

The protection product is a daily renewable term assurance policy and has been underwritten by Elips Life, a subsidiary of Swiss Re.

It will pay out a sum on death equivalent to the difference between the value of a client's platform assets and the client's target portfolio value.

The single life policy is available for clients between the ages of 18 to 75 and the sum assured will be automatically calculated every day based on the actual value of the invested assets.

Clients have the option to limit the sum assured and have the flexibility to change this limit at any time while the policy is in force.

David Ferguson (pictured), chief executive of Nucleus said: 'Over time every legacy product will be reinvented for a platform world and this announcement with Integrated Protection Solutions is an important part of this market evolution. What Steven and the team are doing at Integrated Protection Solutions is brilliant and it will change for the better the way protection products are built and used in the UK.'

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2 comments so far. Why not have your say?

Stanley Kirk

Dec 05, 2012 at 13:34

Excellent - it's about time that this idea (first publicised in a Winchester White Consulting White Paper in 2001 - written by my good friend Jim Randall) reached the light of day - it has the potential to bring protection back as a mainstream IFA product - I hope other wraps are paying attention!

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Tim Page

Dec 06, 2012 at 17:22

First policy (mine) already up and running.

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