Scottish Provident Life Insurance Review

Scottish Mutual Assurance Limited provides healthcare and protection products under the brand name Scottish Provident.

scottish providentThe company is one of the leading income protection, unemployment, critical illness, and life insurance providers in the UK.

Scottish Provident has received more industry awards than any other protection provider in the UK has. The company prides itself on offering a flexible range of products backed by a wealth of industry experience. We examine these award-winning products when we scan the industry for your new life insurance policy.

The Importance Of Life Insurance

Life insurance provides financial support for dependents if you become terminally ill or die. People are surviving many conditions that were previously fatal, such as heart disease, cancer, or a stroke and living for many years. However, the period of time they are out of work dealing with their illness can cause financial problems for the family.

Critical illness coverage provides a monthly payment or lump sum to help with lifestyle maintenance until the insured can return to work.

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The Scottish Provident Self Assurance plans are both comprehensive and flexible, changing with the needs of the insured. Whether you relocate, get married, get divorced, receive a raise, or have children, the plan can accommodate this. The term product in particular is very popular because it is one of the most flexible and comprehensive on the market.

Depending on the coverage selected, it protects against financial consequences of disability, unemployment, critical illness, or death. This plan pays monthly or as a lump sum.

Life insurance, critical illness, unemployment, and income protection coverage are included in the offerings. Coverage buyback, which is additional critical illness coverage after a claim is made, is also available. Extra benefits include free coverage during application processing, free children’s critical illness coverage when a critical illness plan is purchased, extra benefits if critical illness and income protection insurance are purchased together, and helplines staffed by experts in the industry.

For the life insurance portion of the plan, consumers select a death benefit or death or earlier critical illness benefit. The death benefit pays if the insured meets the definition of a terminal illness or dies during the coverage term.

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To qualify for a critical illness claim, the insured must survive for at least 14 days following the diagnosis of a specified critical illness. The insured chooses whether to have the benefit paid as a lump sum, in installments spread over three to five years, or as regular, level, or increasing income.

Benefits and More Benefits

Level, increasing, and decreasing benefits are available. With the level benefit option, the benefit remains the same throughout the plan term. The benefit under an increasing benefit plan increases annually to keep pace with inflation or the cost of living.

The increase equals the increase in the retail price index, subject to a maximum of ten percent. With a decreasing benefit, the coverage level declines annually over the policy term to mirror the decrease in a loan or mortgage it is designed to cover.

Benefits can be selected to last for a fixed term of between five and 40 years, subject to a maximum age of 85 for death-related benefits, or a five or ten-year renewable term. A medical exam is not required to renew a renewable term policy, but the plan definition and premiums may change.

Premiums are available as either guaranteed for the term of the policy or reviewable on a regular basis and subject to change.

Pegasus is a whole of life plan that can be tailored to include life and terminal illness, critical illness, and total permanent disability coverage. Consumers choose the Ultimate or Safeguard coverage package and the benefit is paid as a cash lump sum or equal annual installments.

Extra benefits include retirement coverage, which allows coverage to be converted during later years of life to make it more relevant to insured and beneficiary needs. With the Pegasus Wealth Preservation Plan, the policy is placed in trust, allowing it to be used for inheritance tax payment.

The Pegasus plan is just as flexible as the Self Assurance plans, accommodating changes due to changing circumstances before age 55. Additional options include premium protection, coverage buyback, annual inflationary increases in coverage, and replacement coverage.

Premiums are based on age, sex, occupation, health, coverage level, coverage basis, and smoking status.

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With Pegasus and Self Assurance plans, coverage remains in effect only as long as premium payments are made and the plans do not have a cash-in value. A policy ends when payments stop and paid premiums will not be refunded. At any time, the insured may add or remove a benefit or increase or decrease the level of coverage to meet their personal needs.

If these life insurance policies from Scottish Provident sound appealing to you, submit our online quote request form and let us research them for you while searching for your ideal coverage.