As one of the country’s leading providers of retail consumer insurance products, Scottish Provident is a household name in the UK. The company is part of the Royal London Group, the UK’s largest mutual insurance company. Royal London Group has been in business since the 1860s and now serves more than 3 million customers.
Scottish Provident is committed to offering the best customer service and insurance products possible by regularly reviewing their offerings and upgrading them to meet customer needs. For the average retail customer that means income protection, unemployment protection, critical illness, and life insurance. Scottish Provident provides all of these products along with decades of expertise in the consumer insurance arena. In fact, their history dates back to 1837.
Scottish Provident insurance products are designed to be flexible enough to suit individual needs yet comprehensive enough to provide more than adequate coverage. The company’s numbers speak for themselves. For example, they have paid out more than £1 billion in critical illness claims since 1996. They are the only insurance company to have received the Defaqto five-star rating for critical illness benefits, for the last eight years in a row.
Products Offered in the UK
Insurance products offered by Scottish Provident are divided into two categories: Pegasus and Self-Assurance. The main Pegasus product is a whole life plan, which includes a death benefit with cover for terminal illnesses. The plan pays out a lump sum to your beneficiaries upon your passing.
The self-assurance products are more numerous and can be tied to a mortgage or a whole life plan. Products offered under the Self-Assurance category include:
- Term Cover – This is also commonly known as term life insurance. It pays out a lump sum in the event of your death to be used to cover your funeral expenses, pay your mortgage, etc.
- Critical Illness Cover – Provides funds you might need if you or a family member is struck with a critical illness.
- Income Protection – This cover is designed to protect your income should you be disabled in any way. Income protection cover is a good idea if you have an outstanding mortgage.
- Unemployment Cover – A product designed to provide you with some intermediate cash should you lose your job or other source of income.
All Scottish Provident insurance products also come with all the help you need for understanding and maintaining your policies. Their Lifeline program gives customers free help and access to information regarding tax, legal, and medical questions. The company’s Jobcare program helps consumers file unemployment claims and get back to work following redundancy. Both programs have their own dedicated sections on the company website.
Financial Advice from Professionals
In order to make sure clients make informed decisions, Scottish Provident provides financial advice from professionals who understand the world of insurance and asset protection. A qualified insurance professional will be happy to walk you through each of the Scottish Provident products to make sure your choices provide you with adequate protection that stays within your budget. Their website provides a link you can follow that will aid you in finding an unbiased professional in your area.