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&#39Protection differences are critical&#39

Scottish Equitable Protect is aiming to use details of its claims&#39 history to highlight to IFAs the differences between income protection and critical-illness cover and the need to consider both options for clients.

It is producing a leaflet for advisers which details the most frequent claims received on income protection policies.

The leaflet highlights that for females 29 per cent of all income protection claims stem from psychological disorders such as depression or stress.

For males, the most common claim is for cardiovascular reasons, with heart attack and heart disease at 28 per cent, which could be covered by a CI policy. But ScotEq points out that the second most common reason for a male claim is for psychological reasons, with 22 per cent.

The company says the highest number of claimants for both sexes, at 22 per cent, is from the retail sector, with people in the building trade in second place with 17 per cent. Directors and clerical workers take third place on 16 per cent.

IFAs will be able to show clients whether a critical-illness claim could have been made on an income protection claim, with the aid of a table detailing 30 of ScotEq&#39s recent claims and their suitability for critical-illness claim.

Scottish Equitable Protect head of marketing Heather Armstrong says: “Income protection and critical-illness cover offer distinct benefits and our aim is to demonstrate clearly the difference bet-ween the two.

“Income protection pol-icies will often cover clients for absence from work due to sickness or injury, which may not constitute a critical illness. Of course, income protection and critical illness cover complement each other and if they are able to afford it, clients are advised to take out both.”

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