Scottish Provident reprices life cover rates
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Scottish Provident has announced an extensive repricing of its life cover rates and revealed that it paid out on 97 per cent of life cover claims in 2009, totalling £34m.
Under the repriced life cover rates, which come into effect from today, the premium for a female smoker aged 25 on a 25-year policy with a £500,000 level lump sum would go down from £24.87 to £20.47.
Scottish Provident revealed in March that it had paid out on just over 91 per cent of critical illness claims, totalling nearly £94m in 2009.
Scottish Provident head of marketing Susan Barclay says: “At a time when many people are struggling to make ends meet, we are determined to give our customers the best possible chance to feel financially secure. ”
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Readers' comments (2)
Anonymous | 7 Jun 2010 4:55 pm
How about giving brokers the best chance possible of getting a case through in less than 3 months, length of underwriting is appalling.
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Paul Beale | 8 Jun 2010 6:26 pm
It's good to see a very high ratio of claims are being paid by Scottish Provident however it would be interesting to learn how much premium had been paid by these claimants and for how many years the average policy had been held to demonstrate why more and more people should buy protection. Paul Beale Broker Jakarta Indonesia
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