Scottish Provident has launched a new simplified whole of life product that solely offers life cover and has no investment element.
It replaces its current unit-linked Pegasus plan.
The new Pegasus Whole of Life plan provides a choice of guaranteed and reviewable premiums and can be used for family or business protection.
Scottish Provident says it will be priced on gender neutral terms and claims that, without any investment risk it has a “valuable new degree of simplicity”.
The whole of life cover offers flexibility not just as an Inheritance Tax (IHT) planning tool, but can also be used by those wanting to pass on some money to their heirs or partners by enabling them to ring-fence money specifically for their benefit. It can also be used for a range of business protection purposes such as loan protection, shareholder protection or keyperson cover.
Jennifer Gilchrist (pictured), senior product development manager at Scottish Provident, said: “Our new Pegasus plan complies with unisex pricing as we approach the changes to the EU Gender Directive. We’ve also removed the investment element which will allow ICOB-registered advisers, as well as investment advisers, to recommend it.
“As the emphasis on providing holistic financial planning continues to gain momentum, the focus on multi-usage whole-of-life will grow. Customers also have the reassurance of our strong claims history that paid out over £15 million last year.”