SCOTTISH WIDOWS PROTECT PROTECTING PEOPLE, PROTECTING THEIR PLANS ADVISER GUIDE This information is for UK financial adviser use only and should not be distributed to or relied upon by any other person.
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CONTENTS 04 A brand you can trust 06 Easy to do business with 07 Getting started 08 Service and support 10 The underwriting process 11 It s our business to pay claims 12 Scottish Widows Care 14 Our protection products 16 Strength to support you 3
A brand you can trust A BRAND YOU CAN TRUST At Scottish Widows we re here to support your business for the long term. Our experience gained over 200 years proves our longevity, stability and heritage. Established in 1815, today we insure almost 6 million customers. We paid our first claim in 1816, and we continue with our commitment to pay claims today this is the reason we are in business and we are very proud of our track record. Since 2000 we have paid out a total of 2.3 billion in claims, helping over 83,000 customers.* We are using our size, strength and experience to offer you a range of protection products designed to meet the needs of your personal and business protection clients. *Source: Lloyds Banking Group, 2017 4
A brand you can trust WELCOME TO SCOTTISH WIDOWS PROTECT 5
Easy to do business with EASY TO DO BUSINESS WITH Scottish Widows Protect comes with all the online services you would expect including quote and apply, online underwriting, pipeline tracking and flexibility on how you take your commission. On top of this, we ve integrated our online services with our offline support to ensure we are providing you with the complete package efficient processing coupled with personal case handling. BUSINESS MANAGEMENT THROUGH CASE OWNERSHIP If your case falls out of the online process it will be assigned to a case manager who will manage it through the end to end process. We ll also assign an underwriter to work alongside you and the case manager, if required. BUSINESS GROWTH THROUGH INSIGHT AND TOOLS Being well prepared is key. That s why we ve built a number of tools to help illustrate the need for protection. You can also use our business protection tools to help set expectations with your clients. BUSINESS DEVELOPMENT THROUGH PROACTIVE MONITORING Our business development managers will work with you to embed value into your protection sales, identifying potential growth and development areas as well as flagging any issues. We are here to help build and strengthen ongoing client relationships. We have a bespoke and proactive retention strategy designed with the aim of keeping your clients protected. Our annual plan summary gives you the opportunity to review your clients needs on an ongoing basis. We also monitor missed premiums to give you advance warning of possible lapses. 6
Getting started GETTING STARTED The quickest and easiest way to submit and track your applications is online. Before you can do this you need to: set up an agency add Scottish Widows to your Unipass identity if you don t use Unipass you can register with our eservices. Visit our Adviser Extranet for all the information you need to get started. scottishwidows.co.uk/protect-gettingstarted 7
Service and support SERVICE AND SUPPORT Whether online or offline, we are committed to providing you with great service and all the support you need. PERSONAL SERVICE Ideally you will be able to process your client s application online, without manual intervention. But as we know, health situations can be complex and sometimes applications need to be referred to an underwriter. It s at this point that we will assign a case manager someone who will make sure that your client s application is processed as quickly and smoothly as possible. Our personal service doesn t stop when the application is complete. The reason your client takes out a protection plan is to have the peace of mind that we will support them when they need us. So although we hope your client never has to claim, if they do, we offer a personal claims handler who will treat them with care and consideration throughout the claims process. And we re here to support you too. Our dedicated support teams will help you with any queries you have on your client s application and our sales and distribution teams are here to help you identify potential opportunities for growth. ONLINE SERVICE We have developed our online services around adviser feedback to create a simple and useful online journey. Based on these insights, we have built the following tools and services to help you: underwriting outcome tool for pre-sale client conversations automated online financial underwriting pipeline tracking for cases submitted online online trust support trust chooser, editable trust documents and email submission flexible options once a policy is in force. Find out more at scottishwidowsprotect.co.uk 8
Service and support PRICE LOCK PROMISE From when you submit your client s application to when the policy goes in force, we guarantee the price won t change for a period of up to 12 months. This means that: there will be no increase in price even if your client passes a quarter birthday there will be no increase in price as a result of any delays to your client s mortgage exchange or completion there will be no increase in price while we gather any necessary underwriting information. This is available on policies which are set up on a term basis only and is subject to any underwriting terms being imposed. It is not available on policies written on a to age basis or whole of life policies. HELPDESKS We have a number of helpdesks to deal with your queries. Sales enquiries Tel: 0345 030 6577 Email: protectsales@scottishwidows.co.uk New and existing business for our case management team Tel: 0345 030 6240 Email: protect@scottishwidows.co.uk Underwriting Tel: 0345 030 6240 Email: protect@scottishwidows.co.uk Tax and trust support Tel: 0345 030 6240 Email: protect@scottishwidows.co.uk Agency and commission Tel: 03457 581 638 Email: commission.mailbox@scottishwidows.co.uk Web support for your online access queries Tel: 0345 769 7888 Email: websupport@scottishwidows.co.uk 9
The underwriting process THE UNDERWRITING PROCESS Underwriting can be complicated because no two clients are the same. Each client s health and personal circumstances are unique to them. Our underwriting process reflects that. We are committed to providing you with instant decisions and getting your clients on risk as quickly as possible. If we need to ask for further evidence, we will only target the evidence we need to make our decision. And we will assign a case manager and a case underwriter to manage each application and keep you updated throughout the process. QUICK DECISIONS Our online underwriting system is designed to provide your clients with instant decisions. FURTHER EVIDENCE If we need further evidence, we will refer the case to manual underwriting and assign a case manager. We ll ask for the evidence we require and as soon as we have a decision, you ll be the first to know. We will email you, so you can then retrieve the online application and complete the case. From the date we offer terms, you and your client will have 90 days to decide how to proceed. PREMIUM CHANGE In those instances where we have to exclude some critical illnesses, we may be able to reduce the premium accordingly. CASE TRACKING You can track your applications online. We show what stage each application is at for example when we ve contacted your client s GP, if we ve asked for a GP Report or supplementary medical evidence. This online service contains the history of your business with us so you can see what the current status is and when a case is ready for final processing. ADDITIONAL SUPPORT Interactive pre-application tool that can give you an indicative underwriting outcome. Majority of financial underwriting completed at point of sale. Tailored approach for chasing medical evidence based on the doctor s surgery s requirements. Common medical condition case studies detailing our underwriting requirements and application questions. Direct contact with clients, where appropriate, to obtain additional medical information. Total Permanent Disability and Premium Protection on an Own Occupation basis to as many customers as possible. Free mortgage and accidental death cover available on some benefits. Signature-free online process. 10
It s our business to pay claims IT S OUR BUSINESS TO PAY CLAIMS CLAIMS EXPERIENCE You re recommending products to your clients that they hope they ll never need and, because of that, it can be hard to imagine what their experience of making a claim would be. That s why a strong heritage and a long history of paying claims is so important. It can help you reassure your clients that if they do make a valid claim, it will be paid. In 2017 we paid out 204.6 million life and critical illness claims helping over 9,200 customers and their families when they need it most. THE CLAIMS TEAM Scottish Widows Protect has a dedicated Claims Team made up of assessors with expertise in all types of protection claims: critical illness, terminal illness, premium protection and life cover. This team is part of the wider Scottish Widows Claims Team, which is one of the largest in the industry with over 80 members of staff. Each person who claims will be given a claims assessor who will stay with them throughout the claims process. GREY CLAIMS PANEL We have a holistic approach to paying claims and we do not take declining any claim lightly. If the Claims Team has any concerns about a decision on a claim they can refer the case to the Grey Claims Panel, a group of senior managers at Scottish Widows, who will consider all the facts and give a decision. MOST COMMON REASONS FOR CLAIM Life Cover Critical Illness Cover FEMALE MALE FEMALE MALE Cancer 55% Cancer 44% Cancer 74% Cancer 51% Heart 9% Heart 20% Stroke 6% Heart Attack 19% Respiratory 8% Respiratory 6% Multiple Sclerosis 6% Stroke 8% Source: Scottish Widows, based on the number of Life Cover and Critical Illness Claims paid out by Scottish Widows Limited between January 2017 and December 2017 11
Scottish Widows Care SCOTTISH WIDOWS CARE At Scottish Widows Protect we are committed to helping your clients receive the practical and emotional support they need at a difficult time. That s why all Scottish Widows Protect plans include our Scottish Widows Care service, available from the day their plan starts. Scottish Widows Care is provided in association with RedArc, an independent nurse advice service specialising in support services for your clients and their families. When we say families this includes the spouse or partner, and children (natural, adopted, step-children or financially dependent children) of the person covered. Each client will be allocated their own Personal Nurse Adviser who will provide long term practical advice and emotional support for as long as required. The circumstances can be diverse and wide ranging to deal with the complexity of people s individual needs and situations. They range from, but are not limited to: serious illness explaining conditions and treatments information and advice on private treatment options second medical opinion UK based doctors therapies: occupational, complementary, speech and language, physiotherapy help for people who have suffered a traumatic event e.g. assault or burglary structured programme of support over the phone from a specialist nurse e.g. oncology bereavement counselling and support. Emotional Support Therapy Personal Nurse Adviser Practical Advice 12
Scottish Widows Care WHO IS REDARC? Since 1998, RedArc has been helping individuals and their families through serious illness, chronic health conditions, bereavement and disabilities. RedArc has a team of Personal Nurse Advisers who are all highly experienced and qualified nurses with a wide range of specialist and general medical knowledge. www.redarc.co.uk All Scottish Widows Protect policies include access to RedArc. This service is included in the cost of the plan and there is no additional cost to clients for using the service. RedArc services are not a core benefit of the plan. This service can be amended, replaced or withdrawn at any time. 13
Our protection products OUR PROTECTION PRODUCTS We offer a full range of business and personal protection products that you can mix and match to suit different client needs. For a comprehensive list of product features and critical illnesses covered, visit scottishwidowsprotect.co.uk PERSONAL PROTECTION MENU PLAN Features Life Cover Whole Life Cover Life with Critical Illness Cover Critical Illness Cover Level term 3 3 3 3 Decreasing term 3 n/a 3 3 Increasing term 3 3 3 3 Terminal Illness Cover 3 n/a 3 n/a Guaranteed premiums 3 3 3 3 Free Cover 3 3 3 3 Post-sale flexibility 3 3 3 3 Lump sum 3 3 3 3 Family income benefit 3 n/a 3 3 Additional benefits Guaranteed insurability option 3 3 3 3 Scottish Widows Care 3 3 3 3 Replacement Cover for joint life 3 n/a 3 3 Optional benefits (at an extra cost) Premium Protection 3 3 3 3 Life Cover Buyback n/a n/a 3 n/a Limits Minimum age to start cover 18 18 18 18 Maximum age to start cover 79 83 64 64 Maximum age when the cover finishes 90 next birthday On death 70 next birthday 70 next birthday Minimum term 1 year level cover or 3 years decreasing cover n/a 1 year level cover or 3 years decreasing cover Minimum amount of cover 25k 25k 25k 25k Maximum amount of cover (lump sum) 25m 25m 5m (individual policy limit 3m)* Critical illness definitions Number of conditions covered n/a n/a 49 49 Definitions with a full sum assured payout n/a n/a 41 41 Additional conditions n/a n/a 8 8 ABI+ n/a n/a 18 18 ABI n/a n/a 5 5 Reduction in Critical Illness Cover premiums for certain n/a n/a 3 3 excluded conditions Children s Critical Illness Cover n/a n/a 3 3 Children s Life Cover n/a n/a 3 3 Additional specific children s conditions n/a n/a 5 5 5 years 3m* * Where a sum assured includes the Own Occupation definition the maximum sum assured payable is restricted to 1.5m for personal protection. The overall maximum sum assured of 5m is the total for one life and is the total amount of Critical Illness Cover for all protection. 14
Our protection products BUSINESS PROTECTION MENU PLAN Features Life Cover Relevant Life Cover Life with Critical Illness Cover Critical Illness Cover Level term 3 3 3 3 Decreasing term 3 n/a 3 3 Increasing term 3 3 3 3 Terminal Illness Cover 3 3 3 n/a Guaranteed premiums 3 3 3 3 Free Cover 3 3 3 3 Post-sale flexibility 3 3 3 3 Lump sum 3 3 3 3 Monthly income benefit 3 n/a 3 3 Additional benefits Guaranteed insurability option 3 3 3 3 Scottish Widows Care 3 3 3 3 Renewable Cover (excluding decreasing term) 3 n/a 3 3 Replacement Cover for joint life 3 n/a 3 3 Optional benefits (at an extra cost) Premium Protection 3 n/a 3 3 Life Cover Buyback n/a n/a 3 n/a Limits Minimum age to start cover 18 18 18 18 Maximum age to start cover 79 73 64 64 Maximum age when the cover finishes 90 next birthday 75 next birthday 70 next birthday 70 next birthday Minimum term 1 year level cover or 3 years decreasing cover 1 year 1 year level cover or 3 years decreasing cover Minimum amount of cover 25k 25k 25k 25k Maximum amount of cover (lump sum) 25m 25m 5m (individual policy limit 3m)* Critical illness definitions Number of conditions covered n/a n/a 49 49 Definitions with a full sum assured payout n/a n/a 41 41 Additional conditions n/a n/a 8 8 ABI+ n/a n/a 18 18 ABI n/a n/a 5 5 Reduction in Critical Illness Cover premiums for certain n/a n/a 3 3 excluded conditions Children s Critical Illness Cover n/a n/a 3 3 Children s Life Cover n/a n/a 3 3 Additional specific children s conditions n/a n/a 5 5 5 years * Where a sum assured includes the Own Occupation definition the maximum sum assured payable is restricted to 2m for business protection. The overall maximum sum assured of 5m is the total for one life and is the total amount of Critical Illness Cover for all protection. 3m* 15
Strength to support you STRENGTH TO SUPPORT YOU Our brand resonates strongly with clients, and you can be reassured that we are here to help and support your business for the long term. 16
Strength to support you ADVISER AWARDS In recognition of the service we provide our customers we ve been awarded 5 stars by Financial Adviser in the Service Awards and also been voted Company of the Year 2017. FINANCIAL STRENGTH RATINGS Our independent ratings reflect the financial security you can be assured of with Scottish Widows. Scottish Widows rating from Moody s Scottish Widows rating from Standard & Poor s Scottish Widows rating from AKG A2 A B+ Sources: Moody s, Standard & Poor s, AKG, all ratings at January 2017 PRODUCT RATINGS With Scottish Widows Protect, you can be confident that your clients are getting a 5 star product. In fact, in 2018 we received 5 stars from Defaqto for our covers. Source: Defaqto, 2018 Defaqto is a leading UK independent financial research company who specialise in rating, comparing and analysing financial products based on their features and benefits. 17
Find out more FIND OUT MORE scottishwidowsprotect.co.uk 0345 030 6577 protectsales@scottishwidows.co.uk We are looking forward to doing business with you. To get in touch, visit our dedicated adviser website or use the contact details above. 18
Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655. 55503 04/18