Scot Prov creates six-point pitch to help IFAs
The move follows its partnership with TV’s Dragon’s Den star Duncan Bannatyne as part of its ‘Next Level’ tour,
Susan Barclay, head of marketing at Scottish Provident, said: “It is essential that clients are aware of the additional benefits that are included within certain products, such as children’s critical illness cover, in order to pick the products that best serve their needs.”
The six-point plan focuses on additional benefits from Scottish Provident’s Self Assurance offering, which aims to help IFAs sell critical protection products.
The six points are:
• Buyback option – designed to provide extra cover for cancer, heart attacks and strokes even after a customer’s critical illness claim has been met.
• Family income benefit – a cost-effective product that, in the event of a critical illness, offers a monthly income to clients who can’t afford to pay a lump sum policy.
• Relevant life policies – provides small firms with the opportunity to offer death in service benefits with reduced tax liability to their employees (particularly useful for high-earners).
• Children’s critical illness cover – at no additional cost, this benefit can pay out up to 50% of the parent’s main critical illness plan for a children’s CI case, and covers any number of children and stepchildren.
• Unemployment benefit – Scottish Provident is one of the last remaining providers to offer this, paying out over half a million pounds to policyholders last year.
• Additional covered conditions – there are four additional conditions included as part of critical illness cover at no additional cost – DCIS (early form of breast cancer); low grade prostate cancer, third degree burns and accident hospitalisation cover.
Barclay added: “We hope the six-point ‘Elevator Pitch’ guide will prove useful for IFAs as it displays the ever-increasing importance of protection products in a comprehensive and straightforward way.”