Scottish Life is revamping its mortgage endowment product and is offering critical illness cover and...
Scottish Life is revamping its mortgage endowment product and is offering critical illness cover and total and permanent disability benefit on the policy.
The product, called Profitbuilder, also allows automatic rising or falling premiums and contribution holidays of up to six months, or 12 months for redundancy or pregnancy.
Profitbuilder also offers a choice of critical illness cover, core
protection which includes seven conditions and comprehensive which offers cover for 26 illnesses and conditions.
There is also an option for permanent total disability benefit for which clients can choose own or any occupation cover. Waiver of premium is also available either on an own or any suited occupation basis.
The product also includes a guaranteed repayment feature. This offers an automatic review and risk management investment system, which Scottish Life said will ensure the plan proceeds cover the loan at repayment if followed. There is also an option which pays out enhanced surrender values
if the contract is ended due to financial hardship.
Alasdair Buchanan, marketing manager at Scottish Life, said: "Over recent years we have seen an enormous growth in the demand for more flexible mortgages. To mirror this, we have improved the range of features and benefits which Profitbuilder offers further. Endowments are an ideal vehicle for many people, enabling them to generate the kind of capital needed to pay off a mortgage while also offering protection against illness and financial hardship."
The product offers flexible commission to IFAs, with options including 140% of Lautro as initial with 2% renewal, 100% of Lautro initial plus 4% renewal and 160% initial with no renewal.
