Standard cuts protection rates
Standard Life has cut premiums on its lifetime protection series for level term insurance and mortgage protection insurance.
It says it has red-uced premiums by an average of 3 per cent but the range of reductions is up to 23 per cent.
Premiums for a 25-year level term insurance policy for a male non-smoker aged 25 for 100,000 of cover fall from 7 a month to 6,14 and for a 35-year-old female non-smoker with a 20-year policy for 100,000 of cover, premiums fall from 7.69 to 7.
Premiums on a mortgage protection plan for a male non-smoker aged 30 on a 25-year term for 100,000 of cover fall from 7.26 to 6.74.
PR manager Peter Timberlake says: “The rate review builds on improvements made on January 24 when the company launched its protection online system for advisers. Standard Life is now the best-priced in several key areas.”
Lifesearch senior technical adviser Kevin Carr says: “Standard has cut rates, some of them quite significantly, but we have one or two providers which are less expensive on the examples so to say these are market-leading rates is inaccurate although this could be where certain distributors are getting special terms.”
