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Standard Life to re-enter income protection market

UK insurance and protections provider Standard Life has revealed plans to re-launch its income protection plan on December 1, 2006, following a full review of the existing product.

Enhancements made to the package include the introduction of guaranteed rates and index-linked benefits, the option of a term-based plan or cover to a specific age and the waiver of premium and career break cover offered as standard features with no additional payment.

In addition to this, the product automatically offers cover for while the customer is not in paid occupation.

I believe income protection has a huge amount to offer consumers who are struggling with record levels of personal debt. However, there is currently a clear lack of communication about the benefits of this type of cover, which has meant few people understand what this product is all about, stated Mick James, protection marketing manager of Standard Life Assurance. Our re-entry to the market will enable us to help consumers understand the choices they face if they don’t have a way of replacing lost income during a period of enforced absence from work.