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Scoteq protect offers guaranteed critical rates

Scottish Equitable Protect is to provide guaranteed rates on life with critical-illness protection from February 14.

Bright Grey and Axa both launched guaranteed CII rates last November 2004 and Scottish Widows says it plans to offer guaranteed rates within two months.

Despite the increase in the cost of guaranteed premiums, there is still demand for this product and Scottish Equitable Protect believes customers will pay higher guaranteed premiums for peace of mind.

The CI market has been volatile in recent years, with prices for guaranteed protection fluctuating. Scottish Equitable pulled out of the guaranteed market in 2003.

Guaranteed life with CII benefit is available on sums assured of up to 500,000.

Scottish Equitable Protect head of marketing Rod McKie says: “We recognise that there is still a high level of demand from our customers for this type of product. Time has moved on and the gap between guaranteed and rev-iewable rates has stabilised.”

Lifesearch senior technical adviser Kevin Carr says: “This is further evidence that the CI market remains stable after a volatile year or two although we expect to see sales continue to fall when 2004’s fig-ures come out.”

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