Scottish Equitable Protect is to add income protection (IP) and unemployment protection to its range...
Scottish Equitable Protect is to add income protection (IP) and unemployment protection to its range of products from 15 October.
The IP option will be available on the insurers' business, personal and mortgage protection plans with unemployment protection available on the latter two. Business protection ensures that illness or the loss of a key employee is covered alongside an immediate acceptance facility and guaranteed insurability. For the personal and mortgage protection plans, the maximum benefit calculation will be 55% of gross salary.
Heather Armstrong, marketing manager at Scottish Equitable said: 'The addition of income protection cover is an important development and gives us a competitive advantage as not all menu products offer this facility.'
Scottish Equitable has also launched a marketing brochure to help advisers promote employee benefits. The group said if advisers are providing IP, it is not enough to pay out an income if someone is suffering from a long-term absence.
Research from the Confederation of British Industry has shown employees in the UK's private sector take an average 7.5 days off sick each year, costing employers £432 per person.
