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ScotEq moving into protection

Scottish Equitable is to enter the individual protection market this

autumn with products including term insurance, critical-illness and

keyperson cover.

The range, which is likely to be menu-based, will allow IFAs to mix and match the cover to fit with customers&#39 needs.

ScotEq believes the move will be complementary to its existing business

areas of personal pensions and investment bonds. It will be drawing on the

experience of former Guardian Employee Benefits&#39 staff which it acquired

last year.

Individual protection marketing manager Heather Armstrong says: “It is our

aim to become a leading player in this market. We aim to build on

Guardian&#39s experience in this market using the strength of the Scottish

Equitable brand and its relationships with IFAs.”

Towry Law Fraser Smith regional manager Patrick Murphy believes it will be

a difficult sector to crack. “I think there is always room for competition

in the market but ScotEq will have quite a way to go if it is to become a

major player,” he says.

But Brookridge Services Associates research manager Peter Selby says: “I

think it is a good move for Scottish Equitable and I think most life

offices will be looking to move, following the demise of mortgage-linked

endowment policies.”

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