This gives your client a timely and tangible reminder of the important cover they have, and gives you the opportunity to review your clients’ protection needs, remind them of the value of advice and build an ongoing relationship with them.
Scottish Widows Protect plans are flexible and can be adapted to meet your clients’ changing needs. Using the Annual Plan Summary as a basis for your discussions can help identify if the protection that your clients currently have in place is still appropriate, or if changes need to be made. The Annual Plan Summary also encourages your clients to speak to you if their circumstances have changed.
What else do I need to know about the annual plan summary?
The Annual Plan Summary is produced on the anniversary date of when your client’s application was started and may be different to the actual start date of the policy.
If your client has a policy that includes the indexation option, although the option will show on the annual plan summary, the new premium may not. This is because the summary may be generated before the increase will be applied.
An indexation letter is issued eight weeks before the anniversary of the actual start date of the policy, not the application started date. The letter gives your client advance notice of their revised premium and sum assured.
There may be a cross-over of letters, and on occasion the Annual Plan Summary will show the original premium and sum assured which will be different to the indexation letter. Both letters will be correct at the time they are issued.
You can also download the above timeline document here.