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Standard Life relaunches IP product

Standard Life is relaunching its income protection plan after a review of its existing product which will be available from December 1 2006.

The life office has introduced guaranteed rates, index-linked benefits and the choice of a term based plan or cover to a specific age on the relaunched offering.

It will also offer a guaranteed increase option to allow the amount of cover to be raised without further underwriting, for example in the event of a marriage or moving house.

Standard Life Assurance protection marketing manager Mick James says: “I believe income protection has a huge amount to offer consumers who are struggling with record levels of personal debt.

“However, there is currently a clear lack of communication about the benefits of this type of cover, which has meant few people understand what this product is all about. Our re-entry to the market will enable us to help consumers understand the choices they face if they don’t have a way of replacing lost income during a period of enforced absence from work.”

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