The company has reduced premiums on its Level Protection Plan and Mortgage Protection Plan products for new policies with immediate effect. Premium reductions apply across all parts of the mass market and affect policies with sums assured between £100,000 and £250,000.
Average price decreases* are as follows:
Level term assurance (death only) average price decrease of 2.5%
Mortgage protection (death only) average price decrease of 3.2%
Level term assurance with accelerated critical illness cover average price decrease of 6.3%
Mortgage protection with accelerated critical illness cover average decrease of 6.2%
*These are weighted averages focused on its target market. Some prices will have gone up.
Some examples of premium reductions are:
Level term assurance with accelerated CIC
Male age 30, term 25 years, non-smoker, £100,000 cover - old price £33.65, new price £28.73
Female age 30, term 25 years, non-smoker, £100,000 cover - old price £33.31, new price £28.56
Mortgage protection
Male age 30, term 25 years, non-smoker, £150,000 cover - old price £9.12, new price £8.59
Female age 35, term 25 years, non-smoker, £150,000 cover - old price £9.24, new price £8.85
Commented Mick James, Marketing Manager Protection: "Our competitive pricing strategy combined with our highly-rated Protection Online system shows we are committed to providing advisers with market leading products and services that enable them to deliver first class financial solutions to their customers. They know they can rely on Standard Life1s hard won reputation for excellent service and so offer their customers a complete all round protection solution."
