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ScotProv bid to calm protection fears

Scottish Provident is running an advertising campaign aimed at answering advisers&#39 concerns about the future of the protection market.

The campaign, called The Turbulent Market, will be run as a series of question-and-answer-style ads.

ScotProv hopes it will go some way to allay fears that advisers may have about the cost and benefit of selling protection. It believes rates are likely to stabilise.

ScotProv&#39s first ad poses such questions as: Why are reinsurers changing their terms?, Will premiums continue to rise? and How will the changes affect me in the long term? It says all the questions are based on common adviser concerns.

The second ad will feature a stone being dropped into a pool to illustrate the ripple effect of reinsurance changes on the protection market such Swiss Re&#39s decision to stop offering long-term guaranteed rates for critical-illness insurance due to advances in medical science.

Head of marketing and product development Nick Kirwan says: “The protection insurance market is in a state of change and as one of the market leaders, we need to put the issues into perspective and tackle the changes head on.

“The cost of protection insurance may be rising but the risk of critical illness is as real as ever, which means the demand for protection insurance should not be affected by changes to premiums. In reality, the changes mean that prices are likely to return to the level they were a few years ago.”


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