The new product is not unitised, has no investment element and will offer life cover only.
The new Pegasus whole of life plan provides a choice of guaranteed or reviewable premiums and can be used for family or business protection. It will be on gender neutral terms.
Jennifer Gilchrist, senior product development manager at Scottish Provident, said: “With RDR and The Gender Directive impacting on the structure of Pegasus in its current format, it was the perfect opportunity to review our offering and make sure the new version could continue to pay commission as well as comply with unisex pricing.
"The new Pegasus has a valuable new degree of simplicity and also has a wider appeal as ICOB-registered advisers can recommend it.”
