Life Insurance rates cut by Scottish Provident

Friday, June 11, 2010

One of the countries biggest providers of life insurance, Scottish Provident has announced this week that they will be reducing and restructuring the prices of their current life insurance policies.

The lender offers consumers yearly life insurance as part of their Self Assurance Plan, which also provides income protection cover for its policy holders as well as critical illness cover and unemployment insurance.

The restructuring is primarily aimed at making the companies life insurance policies more desirable and more affordable to customers that are struggling financially as the lender looks to further expand the number of life insurance policyholders on its portfolio.

Under the new pricing structure, a 25 year old female smoker would now have to pay 17.7 per cent less each month on a 25 year policy of a £500,000 lump sum.

This reduction demonstrates the company’s commitment to giving their customers the best deals available according to Scottish Provident’s head of marketing, Susan Barclay.

The policies provided by Scottish Provident entitle their customers either to a lump sum if a claim is made, or to a number of specific monthly instalments depending on the requirements of the policyholder.

Scottish Provident also announced that they paid out on 97 per cent of all life cover claims last year, costing the company a total of £34 million