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ScotProv adds benefits to Self Assurance range

Scottish Provident has added children&#39s income and immediate cash benefits to its Self Assurance range, which it says gives policyholders more protection than offered by its rivals.

ScotProv says the two new benefits, launched this week, are intended to cater for a gap in the protection market and will be included free to customers taking out a Self Assurance plan with both disability income and critical-illness cover.

Children&#39s income provides a monthly revenue stream if a child is diagnosed with a critical illness, in addition to the lump-sum benefit from the existing children&#39s critical-illness benefit.

This is to allow parents to provide care and support for the sick child while giving them the financial freedom to work part-time or pay for special needs education or nursing.

Immediate cash benefit pays out an lump sum on diagnosis of a critical illness. It aims to cover the time period between when the illness is diagnosed and when the critical-illness benefit is paid, which is usually six months after diagnosis.

ScotProv has also added a buyback option which allows a policyholder to take out £100,000 worth of replacement critical-illness and life cover a year after suffering from a critical illness.

A commutation option is also being included to let people convert their disability income benefit into a lump sum at any time during a claim period.

Head of marketing and development Nick Kirwan says: “We want to do everything we can to make sure people take out as much cover as they need as easily as possible and that there are no barriers to us paying claims promptly and without fuss if the worst happens.”

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