Review: Scottish Provident Life Insurance

*Update*

In December 2015 Scottish Provident was rebranded to move under the single brand of its parent company Royal London. Royal London is the UK's largest mutual life and pensions company. You can read our review on Royal London's Life insurance products here.

We reviewed Scottish Provident and its products in 2015. You can read the review below. Please note that Scottish Provident does not exist as a separate company anymore and the information below may no longer be valid.

SUMMARY

Scottish Provident is a part of the Royal London mutual society and is one of the main providers of life and critical illness cover in the UK.

With over five million customers the Royal London Group can provide flexible policies and paid out on 94% of all critical illness claims totalling over £133 million. This included policies from Scottish Provident.

You can compare Scottish Provident life insurance quotes with specialist comparison site www.activequote.com.

OVERVIEW OF LIFE COVER PROVIDED BY SCOTTISH PROVIDENT INSURANCE UK

Scottish Provident offers life insurance that pays your family and dependents a lump sum if you pass away during the policy. Scottish Provident will also allow policyholders to add their award-winning critical illness cover to their life insurance policy.

Scottish Provident life assurance can only be purchased through comparison websites such as www.activequote.com, or via certain financial advisers.

Life insurance is available to those aged between 18 and 79 years old and for full UK residents including the Channel Islands and the Isle of Man. You can get an unlimited amount of cover with Scottish Provident with a maximum policy term of 40 years.

With Scottish Provident you can select one of two options that suite your needs, either the Self Assurance Mortgage or the Self Assurance Term Personal options. Under your Self Assurance plan you can be covered for death, terminal illness and critical illness.

A normal term life insurance policy with Scottish provident will pay your family a lump sum of money if you die during the policy term. This lump sum remains the same throughout the policy.

A self assurance plan that covers your mortgage will pay your family a lump sum to pay your outstanding mortgage. The lump sum can decrease in time as your mortgage repayment becomes smaller.

By comparing life assurance policies with www.activequote.com. you can receive free advice from FCA-authorised advisors who can assist you find the right policy for you.

CAN I ADD CRITICAL ILLNESS COVER WITH SCOTTISH PROVIDENT LIFE INSURANCE?

Critical illness cover can be added to life insurance with Scottish Provident. Critical illness cover protects you and your family against financial loss if you develop a serious illness. You can combine your critical illness cover with your life assurance policy.

Scottish Provident do provide market-leading critical illness cover and offer flexibility and additional benefits. With Scottish Provident you can change or amend your plan at any time, you may wish to increase or decrease the sum assured depending on your circumstances. You also have the option to convert two single plans into one joint life plan.

WHAT ARE THE ACCEPTANCE CRITERIA FOR SCOTTISH PROVIDENT INSURANCE COVER?

To be accepted onto a life assurance plan with Scottish Provident you need to be between 18 and 79 years of age. You must be a habitual resident of the UK, for example you must have a main UK address and UK bank account.

Scottish Provident must be able to establish an insurable interest before the start of the plan. For example a partner, family member or dependant who has a financial interest in the person insured.

WHAT HAPPENS IN THE EVENT OF THE DIAGNOSIS OF A TERMINAL ILLNESS?

Scottish Provident will pay out on a life assurance plan if you are diagnosed with a terminal illness. Scottish Provident define a terminal illness as a condition that has no known cure or is passed the point where it can be cured. The attending Consultant must also expect the illness to lead to death within 12 months.

HOW MUCH DOES SCOTTISH PROVIDENT INSURANCE COVER COST?

Life assurance from Scottish Provident is dependent on the type of cover you take; you can choose term self assurance for a personal policy or mortgage policy.

There are other factors which could impact the cost of your life insurance include the sum insured, your age, your health, whether you smoke or not and your family’s health history. It is important to be as truthful as possible in any life insurance application as any inaccuracies could result in a claim being rejected.

You can get a personalised quote from Scottish Provident and compare them to other providers at www.activequote.com

WHAT DO SCOTTISH PROVIDENT INSURANCE REVIEWS FROM THE EXPERTS SAY?

According to Fairer Finance – an impartial financial service that analyses banks and insurers – ranks Scottish Provident 25th out of 28 life insurance providers citing a lack of transparency on their products.

Scottish Provident’s two self assurance term policies – Mortgage and Personal – both receive a three star rating out of five from insurance experts Defaqto. Scottish Provident’s critical illness cover has managed to achieve a five star rating from Defaqto for 11 years in a row, a unique achievement.