The world of work is being targeted by Scottish Equitable with its business protection plan.
Business protection is a menu-based product that has been aimed at businesses that want to protect themselves against any accidents or ill health from their staff. This can include organisations that want to protect against key members of staff falling ill or dying.
The options that can be chosen include key person protection, which pays a lump sum on the event that an important person, such as a finance director, falls ill and because of their absence the company suffers. Other options are total permanent disability protection, life cover and critical illness protection covering 25 conditions that range from Alzheimers disease to third degree burns.
Companies that take the product out can pick and choose which options they require for their members of staff, as well as the level of protection for each person. This allows them to tailor each plan to the needs of the most important people in the company.
Menu-based plans have become increasingly common recently, due to the flexibility that they offer. The Scottish Equitable product is similar to the self assurance term business plan from Scottish Provident. Based on a five-year level life plan with critical illness protection and own occupation total permanent disability worth £250,000 for a 35 year old non-smoking man,, the Scottish Equitable plan would come to £47.85 a month. The Scottish Provident plan would cost £40.98 a month for the same terms