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ScotProv increases rates for critical-illness cover

Scottish Provident is raising its rates on on joint critical-illness and life cover policies by an average of 11 per cent.

Taking effect from February 23, the change applies to guaranteed and reviewable premiums, with the cost of the cover buyback option increasing to an extra 12 per cent of premium value from 10 per cent. Stand-alone critical-illness cover rates are unchanged.

Abbey for Intermediaries head of protection, marketing and product development Nick Kirwan says ScotProv will continue to accept quotes done on or before February 23 until March 19 and in a new move will offer the same procedures for business done online, in response to intermediary requests. He says: “There is still a bit more upward pressure than downward pressure on prices.”

Lifesearch senior technical adviser Kevin Carr says: “It is interesting, coming so close after Friends Provident cut its rates and could leave Friends quite exposed. I can only assume Scottish Provident&#39s volumes will drop off as a result but it has a very strong offering. I would put it in the best three in the market and IFAs are in the habit of recommending them.”

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