The range of life and critical illness plans using the ‘Protect’ name to distinguish it from the ‘Protection For Life’ plans which will continue to be marketed through Lloyd Group outlets.
The product range includes level, reducing and increasing term life, stand-alone critical illness and life with critical illness.
The firm is also offering a whole of life plan without a critical illness option.
There is a minimum £100,000 sum assured with a maximum of £3m (£1.5m for TPD). Maximum age at entry is 79 for term plans, 84 for whole of life and 64 for any critical illness element.
Critical Illness Conditions
Ostensibly there are 41 main conditions, 12 additional payment conditions as well as Total Permanent Disability. However in common with many insurers both Dementia and Alzheimer’s Disease are included when only Dementia is required to provide the requisite coverage.
There are two conditions unique to Scottish Widows Protect – Anoxia/Hypoxia causing death of brain tissue due to inadequate blood supply and Carcinoma in situ of the Endometrium treated by hysterectomy.
Additional Payments included – Lower of £25,000 or 25% of sum assured
• Coronary artery angioplasty
• Cerebral aneurysm
• Cerebral arteriovenous malformation
• Carcinoma in situ of the urinary bladder
• Carcinoma in situ of the endometrium
• Carcinoma in situ of the cervix uteri
• Carcinoma in situ of the oesophagus
• Carcinoma in situ of the testicle
• Ovarian tumour of borderline malignancy
• Carcinoma in situ of the breast
• Non-malignant pituitary tumour
• Early stage prostate cancer
Alan Lakey, founder of CI Expert, said: “Beneficial aspects include Bacterial Meningitis, which does not require permanent neurological deficit, merely 3 months of persisting symptoms.
“Additionally, Benign Spinal Cord Tumour will be met if surgical removal is carried out whereas other insurers require permanent neurological deficit.
“Market leading definitions are in use for Blindness, Coronary Artery Bypass Grafts, Heart Attack, Heart Valve Repair/Replacement, Loss of Hand/Foot, Major Organ Transplant, Motor Neurone Disease, Paralysis, Parkinson Plus Syndromes, Third Degree Burns.
“The Protect plan offers a wider range of conditions than the branch accessed plan, although the branch-based plan has a superior cancer definition. The plan shows up well on the CIExpert ranking system and, subject to pricing and underwriting, is likely to appeal to many advisers.”