Standard Life has relaunched its income protection (IP) product in the hope it will boost sales. Th...
Standard Life has relaunched its income protection (IP) product in the hope it will boost sales.
The relaunch, which was set to take place at the beginning of this month, marks the beginning of a marketing ploy of the product set to continue into 2007.
Paul Keeble, spokesperson for Standard Life, said the company had never left the sector but there had not been a significant push of the product. He added: "We have not been actively marketing this for the past year."
This relaunch is the result of a lengthy review over the past three to four months of the existing products available to advisers. Keeble added that it had taken so long as it was looking to ensure everything was right as the pricing structure.
He commented that there had been a lack of promotion of this product as it had previously not had key areas that Standard Life's competitors had.
New enhancements include the introduction of guaranteed rates; customers being able to choose a term based plan or cover to a specific age; the introduction of index-linked benefits; waiver of premium and career break cover offered as standard features with no additional payment; cover while not in paid occupation automatically included; and introduction of a guaranteed increase option in the case of a specific event.
