Scottish Provident has announced an extensive repricing of its life cover rates and revealed that it paid out on 97 per cent of life cover claims in 2009, totalling £34m.
Under the repriced life cover rates, which come into effect from today, the premium for a female smoker aged 25 on a 25-year policy with a £500,000 level lump sum would go down from £24.87 to £20.47.
Scottish Provident revealed in March that it had paid out on just over 91 per cent of critical illness claims, totalling nearly £94m in 2009.
Scottish Provident head of marketing Susan Barclay says: “At a time when many people are struggling to make ends meet, we are determined to give our customers the best possible chance to feel financially secure. ”