Life Insurance rates reduced by Scottish Provident

Tuesday, June 15, 2010

Scottish Provident, the Life insurance provider has recently shared its plans to reduce the price of its suite of Life Insurance products and policies. This move has taken place as part of the Life Assurance Plan for the company, which affects a number of policies for income protection, critical illness cover and unemployment insurance. The change in policy charging has been designed to make life insurance products more accessible for those consumers which have been affected by the recent economic downturn.

Scottish Provident has released information that they are planning to expand the number of customers who take up life insurance with them, in order to strengthen its overall portfolio. Susan Barclay, Scottish Provident’s head of marketing, has suggested that this move demonstrates the company’s commitment to providing the best possible deals available on the insurance market.

The company has also revealed that they paid out on 97% of all their claims last year on Life Cover policies, to the tune of £34 million. Since 2009, Scottish Provident has paid out almost £94million in critical illness claims, and they have won a number of awards for their insurance provision and business. As one of the leading providers of life, income protection, unemployment and critical illness insurance cover, Scottish Provident looks set to retain its powerful position in the industry. By assessing their customer requirements and making insurance products more accessible and affordable, they will be able to broaden the number of customers who take on insurance cover.

Scottish Provident state that their mission is to bring innovation to the insurance market, by undertaking ongoing reviews of their products and adding to their portfolio in line with market research and feedback. These activities enable them to gain insight in to their existing and potential markets, adapting their products to keep ahead of their competitors.