Scottish Equitable Protect Life Protection With Tax Relief plan announced

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Scottish Equitable Protect Life Protection With Tax Relief plan announced

Fri 31st Mar 2006

A Scottish Equitable Protect Life Protection with Tax Relief plan has been unveiled today, with the company claiming that it provides the same advantages as a normal life protection deal, plus tax relief on premiums.

The plan has been designed to protect the policyholder from any negative financial consequences of terminal illness or death with a cash lump sum, according to Scottish Equitable Protect.

Compared to a standard term assurance policy, a 40-year-old non-smoking male taking out a 20-year package with an assured sum of £100,000 could save 10 per cent on premiums with the new Scottish Equitable Protect plan.

This could increase to a 30 per cent saving for higher-rate taxpayers, the company claims.

"Thanks to the tax relief [customers] may benefit from having up to a third off the premiums they would have otherwise paid using traditional life cover policies," said Rod McKie, head of marketing at Scottish Equitable Protect.

The Scottish Equitable Protect Life Protection with Tax Relief plan is available exclusively through advisers.

Premiums can only be paid by direct debit and can be organised on a monthly or annual basis.