Through a new panel arrangement, Prudential will offer clients life insurance and critical illness products from eight providers, covering more than 90% of the protection market.
The panel will provide Prudential Financial Planning’s clients access to policies from providers such as AIG, Aviva, Legal & General, LV=, Royal London, Scottish Widows, Vitality and Zurich.
The firm previously only offered clients protection products from Vitality.
Chris Haines, chief executive of Prudential Financial Planning, said the development is part of its plans to widen its advice proposition.
In September 2017, the firm unveiled plans to increase the number of financial advisers to 330 by the end of the year, which followed the appointment in June of Peter Coleman as financial planning and strategy director.
Coleman was previously chief financial officer at life and protection specialist LifeSearch.
In February 2017, Prudential Financial Planning started to offer annuities via a panel of leading annuity providers.
Developing protection offering
Haines said: “This agreement with The SimplyBiz Group is an important development for Prudential Financial Planning and highlights how we are determined to grow our business.
“Since the introduction of pension freedoms, demand for financial advice has grown strongly and protection provision is a key aspect of financial planning advice. Developing our protection offering benefits our clients, providing greater choice and flexibility from the UK’s leading providers.”
Matt Timmins, joint group chief executive, The SimplyBiz Group, added: “Having adequate protection provision in place is the cornerstone of a robust financial plan, and access to products from the market leading providers who make up The SimplyBiz Group’s panel will help to ensure that each individual client receives protection advice which is suitable for their unique circumstances.”