Scottish Widows has revealed it is planning to offer protection policies via wrap accounts as the firm makes strides on its return to the adviser market next year.
Speaking at the Protect Association meeting, Johnny Timpson financial protection specialist and planning manager at Scottish Widows told delegates the new part of Scottish Widows will be called Scottish Widows Protect and will be launched from May 2015.
In recent years Scottish Widows had dicussed coming back to the intemediary market and it was confirmed it was moving forward in May 2013.
Timpson said Scottish Widows will continue to offer an annual benefits statement for life and critical illness clients outlining what they can get from their policy.
Advisers will be informed if a customer misses a premium so that they can check on the client's situation.
The wrap scheme will be available for both family and business customers.
Protection will be available in wraps covering up to thirty people, with protection policies including critical illness and income protection within the wraps.
Policies can be removed from the wrap as and when needed, allowing flexibility for extended families.
The company's offering will include RedArc support services and signposting claimants to charities which can provide additional support.
The company will also offer advisers a virtual office to help educate clients about the risks they face which can be branded for the adviser's firm, including access to policy documents for advisers.
Premium reviews will offer the options of keeping premiums the same, benefits the same, or an option between the two.
The company is still working on its proposition in full, and the company expects it to be ready by May 2015.
Johnny Timpson financial protection specialist and planning manager at Scottish Widows said to delegates at the Protect Association: "Scottish Widows return to the intermediary protection market, a market we haven't been in for seven years, because we were focussing on Lloyds Banking group distribution and we took the decision last week that for non mortgage type protection we were going to withdraw from that market."
The decision to stop selling protection, unless part of a mortgage sale, to customers directly through Lloyds branches was announced last week.
