Scottish Equitable has amended its corporate protection menu in a bid to improve underwriting for la...
Scottish Equitable has amended its corporate protection menu in a bid to improve underwriting for large risks as well as the terms for group income protection (IP).
By making these improvements, Scottish Equitable believes IFAs can now provide more favourable terms to corporate clients, such as increasing the benefit levels and review intervals for individuals, which in turn will mean less underwriting going forward.
Rod McCarthy, head of group underwriting at Scottish Equitable, said: 'We set up our specialist group underwriting and pricing unit to enable us to provide IFAs with the best possible underwriting service. Smart underwriting is about operating a can-do approach to individuals and pricing. IFAs appreciate the commercial focus and personal service this provides.'
Using the new processes, an employee in good health at the inception of a policy would be entitled to future benefit increases without further underwriting for five years. Usually benefits increase in line with salary growth, but Scottish Equitable will increase benefits by 25% each year for group life and 20% for group IP without the need for further underwriting.
The provider has also increased 'own occupation' definitions up to a maximum benefit of £250,000 under its group IP product and increased the provision for employees working overseas.
