Scottish Mutual Insurance

 

      SCOTTISH MUTUAL LIFE INSURANCE

Scottish Mutual Assurance Co. Ltd, a Glasgow based mutual society was once one of Britains largest mutual insurers. Scottish Mutual sold protection, endowments as well as pension investment products. 

Scottish Mutual demutalised in 1992 & became part of the Abbey National along with Scottish Provident in 2001. Scottish Provident Life Assurance then became the brand name for health and life insurance products of Scottish Mutual Assurance. In 2007 Scottish Mutual were acquired by Phoenix  & then latterly by the 
Royal London Insurance Group.  

The Royal London Group head office is currently based in Wilmslow Cheshire & their Insurance products are highly competitive in their marketplace. 

Looking in 2020 for information on or looking to compare old Scottish Mutual or new Royal London Life Group products - either contact their customer services or a broker.

SCOTTISH MUTUAL INSURANCE - OLD PRODUCT REVIEW

SCOTTISH MUTUAL MORTGAGE PROTECTION 

Designed to cover a repayment mortgage on death or critical illness as it decreases during the plan term.

SCOTTISH MUTUAL LIFE INSURANCE 

Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term.

SCOTTISH MUTUAL WHOLE LIFECOVER 

A whole of life policy that will always payout whenever death may occur. Premiums maybe guaranteed or reviewable in the future.

OVER 50'S LIFECOVER 

no medical evidence over 50 whole life cover insurance policy to always payout whenever death may occur perhaps for funeral costs - but only after an initial period. Has a protected payout period halfway through plan ensuring at least half cash sun payout.

Scottish Mutual Assurance [ Royal london ] Get Free Quotes

SCOTTISH MUTUAL CRITICAL ILLNESS COVER  

Helps ease financial worries if you or your children are diagnosed with a critical illness as specified by Scottish Mutual Royal London Insurance.

SCOTTISH MUTUAL INCOME PROTECTION - PHI Cover

Providing security by way of an income if you are off sick or have an accident or disability.

SCOTTISH MUTUAL BUSINESS PROTECTION 

Offering company protection for a key person, share protection or an employee dies, is diagnosed with a critical or terminal illness during the term. Can be via a relevant life policy.

SCOTTISH MUTUAL ENDOWMENT POLICY 

Offering protection if the policy holder dies or is diagnosed with a critical or terminal illness during the mortgage plan term; designed to provide a lump sum at the end to be used usually toward repayment of an interest only mortgage loan.

                   Compare Scottish Mutual | Royal London
                        against UK Insurers 

Compare Scottish Mutual - Royal London Life Assurance Cover
 

Scottish Mutual Life Insurance

 

SCOTTISH MUTUAL INSURANCE - Frequently Asked Broker Questions

Can you make changes to your Scottish Mutual Life insurance policy ?

In terms of changing your life insurance policy, often you can request some of the following via Insurers

  • reduce or perhaps extend the period of cover
  • decrease or increase the amount of lifecover
  • remove indexation option or any specific paid for policy features
  • change the collection date of your usual premiums
  • remove a life assured from a joint policy
  • joint life policy separation, allowing a joint policy to be split into 2 new single policies if a couple divorce, split up or say change a joint mortgage into a sole name. 

The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.

What if my health or lifestyle changes after I have taken the Scottish Mutual policy out ?

Life Insurance cover is based on full disclosure at the time you took the policy out ie; being 100% as honest & accurate as possible. So any health or lifestyle changes since usually does not void your existing policy, as it wasn't relevant at that time of initial application. Please check your original T&C's 

How do I make a Death Claim via (Royal London ) ?

Check firstly if premiums are still being paid or alternatively is the policy perhaps "paid up" meaning no further premiums were needed. 

Then contact the Insurers claims line to inform them. They will provide you with their claim form for completion. You will need to send in a number of documents, most importantly being the death certificate proving the cause of death.

Insurers ( as well as other Providers ) will need the original death certificate, so ideally ask for several certified copies. Enclose your policy document, if you can find it and then send by recorded delivery or registered post to Insurers. 

Once received, the Insurers usually cross check all information before processing and settling a valid claim ie; was the medical & lifestyle information correct at the time of original application

If everything is hopefully in order, the Insurer may pay out a claim & usually in a matter of days or weeks.

Scottish Mutual ( Royal London ) life Insurance

Death Claims, Life Insurance Trusts & Life of Another

Who the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process.

If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another"  then it will just be paid to the survivor. 

However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly. Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either.

Should I put my Scottish Mutual Life Insurance policy into Trust ?

If the life insurance wasn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues

So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage & help avoid possible probate delays & IHT costs. Ask the Insurers if they provide any standard trust form wordings & seek legal advice if unsure.

If I started smoking after taking out my Scottish Mutual Life Insurance - Do I need to now tell them ?

If you had legitimately stopped smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again - but this should not affect the original policy terms which should still stand - you were being honest. Also maybe suggest letting your GP know if this is the case. 

Why are you comparing in 2020 ~ Scottish Mutual Life Assurance ?
 

Scottish Mutual ( part of Royal London )

Article on: Scottish Mutual Life Insurance ~ for more information visit www.royalondon.com *

( * Note: You are now leaving the regulated site of Uk Life Insurance Quotes. Neither ourselves, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.)

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Scottish Mutual Life Assurance Company Review 2020 

 

Broker advice comparing Scottish Mutual Assurance Cover


 

 

 

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This website is intended for UK consumers & any information contained therein is for Generic Guidance only and is not to be construed as advice. 
For protection we offer products based on a fair and personal analysis

By completing one of our no obligation quotation request forms, you may be provided with comparison protection quotes, key facts from leading Providers - based just on the basic information you have provided. Note: These quotes will not take account of any personal, health or lifestyle issues unless a full application is completed. You also consent for us to then kindly contact you by phone - where we may offer Professional Broker help & guidance if needed. We may as appropriate then help to arrange a suitable protection policy based upon your own circumstances & needs after a further review by "advice & recommendation". This will usually be on a non face to face basis.

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