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ScotEq Protect points to checking income cover levels after pay rises

IFAs should check their clients have enough income protection to cover salary increases following traditional end of year pay reviews, says Scottish Equitable Protect.

It says this is particularly relevant for high-net-worth clients who may have received pay rises significantly outstripping inflation. Clients may not have taken up their annual inflation-linked cover option and should be encouraged to review their levels of cover each year.

Despite the recent economic downturn, many firms will have awarded pay rises and end-of-year bonuses, it says.

It has developed menu-based income and unemployment protection.

The personal and mortgage menu includes unemployment cover, flexibility to vary premium, term and benefit levels and pays out up to 55 per cent of gross salary until the client returns to work, reaches retirement age or dies.

The business protection menu gives a choice of keyperson and executive income protection and has an immediate acceptance facility and guaranteed insurability option.

Head of marketing Heather Armstrong says: “Clients may need to be prompted to review cover levels each year. This gives IFAs a opportunity to conduct a financial review.”

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