Whet your appetite with a menu style protection plan
10 February 2010
Scottish Provident, one of the UK’s leading protection providers, who pioneered the launch of the first menu style protection plans in the UK 14 years ago, is reminding IFAs of the flexibility of menu style plans and the advantages they offer to clients looking for a value added product which can protect them for the long term.
A menu style plan allows consumers to change the level of their benefits as their lifestyle changes. So as they get married or divorced, move to a bigger house, have children or even just change their mortgage provider they can review and alter their protection accordingly, using just one provider. Menu products are a bit like building blocks, once the foundations are in place it can be built up as a client’s lifestyle changes or their finances permit. And because the client just keeps building on one plan it actually works out much better value in the long-term than constantly chopping and changing with other term assurance products.
Benefits of Scottish Provident’s Self Assurance menu style protection include:
1. Comprehensive protection with benefits designed and developed to meet the needs of consumers today and in the future
2. Different types of protection cover all provided within the one plan - one provider, one application form and one direct debit
3. Cover individually tailored to consumers’ needs
4. The ultimate in flexibility – the plan can be adapted to lifestyle changes at any time – an unlimited amount of benefits can be added or existing cover increased
5. Multiple benefits which means multiple discounts
6. Added extras at no additional cost
7. Benefit choice adaptable to any budget whether big or small
8. Portability of the cover and benefits – protection that’s built for the long haul
9. Cover for children almost from birth at no extra cost
10.One streamlined claims process to ensure efficient resolution of claims, whether there is one or multiple claims being submitted
Although many of the plans sold by Scottish Provident start off with one or two benefits, alterations and additions to plans requested by IFAs and their clients after they have started is significant. Not only does the product ensure that consumers can adapt their plans as and when they wish, but it can also help develop a strong relationship between IFAs and their clients.
Susan Barclay, head of marketing, Scottish Provident commented: “As we go through different life changes, such as buying a house or having children it is vital to ensure that our protection plans are modified to reflect these milestones. As such, it is important that consumers and IFAs are aware of the many benefits a menu style plan can bring, purchasing one of these flexible plans ensures consumers can be protected for as much or as little as they need at any stage in their life.
“We are extremely proud to be the pioneers of menu style protection products in the UK. Many other providers in the market have copied our concept over the years, which just goes to prove what an innovative idea it was. We look forward to continually developing our products over the years to come, to service the ever changing needs of consumers and ensure that our protection propositions are as flexible and comprehensive as possible.”
The Scottish Provident Self Assurance menu style plan lets consumers select the individual benefits they need and then decide how long they need the cover for each benefit to provide. Once consumers decide how much cover they require, they can choose whether they want the benefit to increase for example to track inflation or remain constant throughout their selected term. The plan can be taken out to cover one or two people and offers a flexible product range covering Mortgage, Personal and Business protection.
-Ends-
For more information please contact:
Susan Barclay 0141 275 9476
Scottish Provident susan.barclay@scotprov.co.uk
Louise Wilcox 0207 294 3676
Lansons Communications louisew@lansons.com
Adam Harwood 0207 566 9725
Lansons Communications adamh@lansons.com
Editors Notes:
Scottish Provident
Scottish Provident is one of the leading providers of life, critical illness, income protection and unemployment cover. Recognised by the industry with many awards, Scottish Provident has a wealth of experience and expertise and a flexible product range to suit everyone.
Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value quality propositions, operating through a number of brands:
- Scottish Life – UK pensions market
- Bright Grey – UK protection market
- Scottish Provident – UK protection market
- Royal London 360° – offshore investment markets
- RLAM – fund management
- RLAS – life and pensions administration
- Fundsdirect / Ascentric – funds supermarket; Wrap platform
Royal London also distributes life and pensions products through Santander’s UK branch networks.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £35.9 billion. Group businesses serve around 3.4 million customers and employ 2,800 people. Figures quoted are as at 31 December 2009.
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