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Daily Insurance Industry News
Thursday 18th of January 2018
February 19, 2010

Family income benefit sales soar at Scottish Provident

by Gill Montia

Story link: Family income benefit sales soar at Scottish Provident

Scottish Provident has reported a four-fold increase in sales of its family income benefit plan, which pays out a regular income to claimants.

The life and pensions provider observes: “As the economic instability remains in the UK the security offered by this kind of product is becoming ever more popular as consumers seek products that are flexible and that suit their long-term needs.”

In addition, the firm claims that family income benefit can be up to 59% cheaper than other types of cover.

For example, a 39-year-old non-smoking male with a mortgage of £150,000 over a 20-year term, would be paying a current monthly premium of £71.86 to receive the benefit as a lump sum in the event of death or critical illness.

Alternatively, if he opted to take out the full income plan for his family they would receive a monthly income totalling £7,500 a year for 20 years at a monthly premium of just £29.64 – a saving of £42.22.

The company’s head of marketing, Susan Barclay, comments: “Budgeting for the future involves creating a sensible financial plan, while not sacrificing valuable cover that may be vital in protecting a family in both the short and the long term.”

She adds: “Our family income benefit plan will provide a steady income to pay any remaining mortgage, and provide a family with the finances they need to help create a clear budgeting plan for the future.”

 

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