Scottish Widows Protect wants to encourage annual review meetings between clients and their advisers by sending out ‘protection summaries’ to both parties.
The documents provide an overview of the policies in place, the monthly premiums, the amount of protection provided, and when the cover comes to an end.
They state that if there has been a change in circumstances such as a salary increase, a new loan or a mortgage change, protection needs may have changed.
Sarah Moore, senior intermediary protection manager at Scottish Widows, said: “Advisers regularly ask us about how they can continue the protection conversation with existing clients, and what support material they can use. Annual summaries offer the ideal solution.
“A Scottish Widows Protect plan is flexible, which means that advisers can adapt cover at any time during the policy term without having to cancel the existing cover.
“So, as clients’ lifestyles and protection needs change, so can their cover. An annual summary provides the ideal time to highlight this.”
Launched in October 2015, Scottish Widows Protect offers life cover, life with critical illness cover, critical illness cover, whole of life cover and relevant life cover for both individuals and businesses.
During its first year, Scottish Widows Protect has provided cover for almost 6,000 people and their families.
Roy McLoughlin, partner at Master Adviser, said: “This is a welcome move from Scottish Widows Protect.
“Protection should be the cornerstone of all financial advice, and annual statements provide the opportunity to remind people of the value and virtue of their cover.
“As a result, many people realise that they have insufficient cover, which prompts them to top up.
“The statement can also encourage people to check what cover they hold with employers, which is often a lot less than they think.”