Two new benefits have been added to Scottish Provident's Self Assurance range - Children's Income Be...
Two new benefits have been added to Scottish Provident's Self Assurance range - Children's Income Benefit and an Immediate Cash Benefit. Both are included free for those taking out a plan that includes both disability benefit and a critical illness (CI) benefit worth over £25,000.
Children's Income Benefit provides a monthly income if a child is diagnosed with a critical illness. This is in addition to the lump sum recieved from the existing children's CI benefit. The benefit pays out for a maximum five years to a maximum of £5,000.
Immediate Cash Benefit pays out immediately with a CI payment. It is designed to fill an income gap. Nick Kirwan, head of marketing and product development at Scottish Provident, said: 'If you have used your CI payment to pay off your mortgage, it can be a long wait before the end of the deferred period before you start to get income from your disability income benefit claim.'
Self Assurance also now includes a buy-back option. Added to the plan for an extra premium, this allows a policyholder to take out £100,000 of replacement CI and life cover one year after a critical illness is diagnosed. There is also a commutation option, whereby a policyholder can elect to take their disability income benefit as a lump sum.
