As Income Protection Action Week (IPAW) recently concluded, the discussions around job security and financial resilience have highlighted the growing need for income protection. With 247,000 new individual income protection policies sold in 2023, a significant 16% increase from 2022, it's clear that more people are prioritising securing their financial futures.

In response to this increasing demand, we're thrilled to announce that Scottish Widows Income Protection is now available on the Protection Platform. This addition provides even more options for safeguarding income in the case of unexpected challenges, ensuring peace of mind and long-term financial stability for our clients.

A Complete Suite for Multi-Policy Solutions

You can now seamlessly purchase Income Protection from Scottish Widows alongside Life Cover, Combined Life & Critical Illness, Critical Illness, and Family Income Benefit directly on the platform.

The addition of Income Protection complements our full suite of Scottish Widows products, making it easier for advisers to tailor multi-policy solutions to meet each client's unique needs.

We are dedicated to offering a wide range of products that cater to the needs of both your clients and the market. With this latest addition, Scottish Widows becomes the third insurance provider to offer a complete set of protection products on the Protection Platform. Income Protection (IP) is now available through six providers on our panel.

Nilesh Patel, Chief Revenue and Customer Officer, Protection Platform, added:

Adding Scottish Widows' comprehensive Income Protection to our platform strengthens our proposition, offering advisers even more flexibility when building protection portfolios for their clients. With their suite of products now fully available on the platform, advisers can easily compare and combine policies to create the best solutions in one place, reducing complexity and boosting confidence in the recommendations they make.”

A comprehensive income protection cover

Scottish Widows Income Protection includes several features that will enhance your clients’ satisfaction. For example, immediate income payment is a regular client concern heard by advisers during the sale process.

Here’s how your clients will benefit from Scottish Widows Income Protection:

  • Fracture and hospitalisation cover – included as standard with no extra charge.

  • Rehabilitation/Proportionate benefit – a top-up payment to help clients resume work.

  • Partnership benefits - clients can benefit from a range of partnerships available through Scottish Widows Protect:

    • ‘Clinic in a Pocket’ (included in cover) to receive a GP sick note quickly and access to a GP 24/7.

    • A dedicated personal nurse service in partnership with Red Arc.

  • Immediate income payment – received whilst the claim is still being assessed, provided a GP note is supplied and once the deferred period has passed

  • Mental health underwriting – Scottish Widows won’t decline an Income Protection application for mental health without an underwriting review conducted by a real person, rather than AI. Scottish Widows will also ask the customer if they’re doing anything to improve their condition, for example improved nutrition, sleep or exercise. Where customers are proactively taking steps to improve their mental health, they can provide better underwriting rates.

  • Price lock promise – guarantees the quote for up to 12 months, subject to underwriting terms being imposed.

  • Reduced earnings with Scottish Widows minimum benefit guarantee - even if your client’s earnings have reduced, as long as their monthly claim payment is more than £1,500, Scottish Widows won’t pay them less than this.

Get in touch with our team if you’d like to discuss in more details at hello@underwriteme.co.uk

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