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Scottish Widows

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SCOTTISH WIDOWS

Scottish Widows Protect offers a flexible, menu based protection plan that helps you to meet your clients’ personal or business protection needs.

Reasons to choose Scottish Widows Protect

– Experience and Expertise

Scottish Widows has been protecting people for over 200 years and paid their first claim in 1816. In 2917 they paid out £204.6 million life and critical illness claims, helping over 9,200 customers and their families. Their experience has given them to expertise to help you protect your clients.

– Menu Plan Flexibility

The flexibility of the Scottish Widows Protect menu plan allows you to mix and match covers to best meet your clients’ protection needs. Their approach also allows you to evolve your clients’ cover over time, to reflect their changing needs. This gives your clients peace of mind that whether it’s personal or business protection, their cover can adapt and grow as their lifestyle changes.

Personal Protection – their Personal Protection menu includes Life Cover, Life with Critical Illness Cover, Critical Illness Cover and Whole of Life Cover. The covers they offer can be tailored to meet your clients’ protection needs and include lump sum and family income benefit options, along with Free Mortgage Cover and Free Accidental Death Benefit, where relevant. You can find out more about Personal Protection here.

Business Protection – their Business Protection menu includes Life Cover, Relevant Life Cover, Life with Critical Illness Cover and Critical Illness Cover. The plan provides cover for key person, shareholder protection, loan protection and relevant life cover. Their range of business protection solutions can be linked together in a menu plan, offering the ability to mix and number of different covers in the one plan. You can find out about more Business Protection here.

– Service and support

To help make protection easier for you and your clients, Scottish Widows provide dedicated end-to-end support, including:

  • A range of online tools to help you reinforce the need for protection and make business with them easier
  • Case ownership model with dedicated underwriting support
  • A simple quote and apply process
  • A price lock promise – from submitting your application to when the policy goes in force, the price won’t change for a period of up to 12 month
  • Dedicated claims handlers, who are part of one of the biggest claims handling teams in the industry

 

– Underwriting Strength

Scottish Widows has over 18 years’ experience in online underwriting and rule development. This has allowed them to develop an interactive rules set to give you a high point of sale decision rate. If they do need further evidence, their underwriters and case managers will work with you to get this as quickly as possible.

Here are five key facts about their underwriting*:

100% – for all asthma, back disorders and BMI cases, they will never request a GP report to ask your client to attend a medical examination

95% – of clients who tell them about amental illness are offered cover, with 78% accepted on standard terms

90% – the number of days for which terms are guaranteed

81% – of clients are given a decision at point of sale

10% – less than 1 in every 10 applications need a GP report meaning many of your clients can get terms agreed and their policy on risk without delay

*Source: Scottish Widows Protect statistics, 2018 underwriting data

– Scottish Widows Care

All Scottish Widows Protect plans provide your clients and their family with access to Scottish Widows Care, which is available from the day the plan starts. This is provided in association with RedArc, an independent nurse advice service specialising in support services for your clients and their families. Find out more about Scottish Widows care here.

– Online tools

Scottish Widows have a number of tools and calculators that you can use with your clients. Their engagement tools can help reinforce the need for protection, their business protection tools can help you evidence the need for a business t have protection and their underwriting tools can help set client expectations. You can find all their tools here.

Their underwriting outcome tool lets you input client information and obtain an indicative underwriting decision for some of the commonly disclosed illnesses and conditions. This can help you set expectations upfront with your clients as to what their underwriting decision might be. Here’s a link.

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