Two insurers plan enhanced IP products

Bright Grey and Scottish Provident are set to launch a range of improved income protection products by the end of next month.

The new products will extend the availability of full own occupation cover, which covers customers who are unable to carry out their current position.

The range will also introduce an alternative definition for customers who work full-time but are not offered the full own occupation definition.

Bright Grey and Scot Prov plan to replace their existing work-based task, also known as activities of daily living, definition with a modern alternative.

Separately, Scot Prov paid out 91 per cent of its critical illness claims in the first six months of 2013, down slightly from 93 per cent in the first half of 2012.