For example, a female, smoker, aged 25, on a 25 year policy of a level lump sum of £500,000 would previously have paid £24.87 a month. As a result of the repricing, a new customer will now pay just £20.47 - a saving of 17.7%.
Susan Barclay, head of marketing, Scottish Provident, said: "Today's reprice announcement shows Scottish Provident is committed to providing our customers with the best possible deals in the market. At a time when many people are struggling to make ends meet, we are determined to give our customers the best possible chance to feel financially secure. And the great news is that our life cover claims data for 2009 reflects just that."
Scottish Provident provides life cover as a part of its Self Assurance plan, which also offers critical illness, unemployment cover, and income protection. The plan pays out either a lump sum or monthly instalments to offer financial support for plan holder or their families. Earlier this year, Scottish Provident revealed that it had paid out on just over 91 per cent of critical illness claims, totalling nearly £94 million in 2009.
