A change to the wording of Scottish Equitable Protect underwriting should cut premiums on key types of mortgage-related critical illness policy by up to 30%.
A shift to premiums calculated from “age next quarter birthday” - whichever is the closest NEXT three month period after the client’s birthday - rather than “age next birthday” should reduce premiums on level life, critical illness and life with critical illness cover by up to 30% while decreasing life, critical illness and life with critical illness cover linked to a mortgage should reduce the cost of premiums by up to 20%. This will bring Scottish Equitable Protect into line with other life offices which now use the “age next quarter birthday” calculation but should not increase premiu...
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