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ScotAm in move to develop loan protection sales

Scottish Amicable is aiming to attract more IFAs to the mortgage protection market with the launch of a cafeteria style product.

ScotAm says its new plan allows IFAs to design tailor- made protection plans easily for each client.

The product lets IFAs pick various elements from the protection package, including critical-illness cover, unemployment cover underwritten by Prudential, mortgage payment benefit which pays out in the event of sickness or an accident for a defined period, waiver of premium benefit and level or decreasing life cover.

ScotAm says it offers one of the most comprehensive selections on the market. IFAs can get quotes for the protection business and track new business online but they have to post application forms.

ScotAm is developing the service so IFAs can get quotes and send application forms electronically. It says this system should soon be in place.

ScotAm head of product development Hugh McKee says: “We strongly believe in the wide range of options and flexibility mortgage protection offers. We think this will be very successful in the mortgage market.

“The product offers life cover, critical-illness cover and unemployment cover which means IFAs active in this market now have a good proposition to sell. The ability to offer all these elements in a single package means IFAs are able to offer a universal solution for clients.”

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