It offers three months free cover, no excess or exclusion period, a discrimination-free premium of £4 for every £100 of cover (regardless of age, occupation, smoking habits or medical history) and accepts claims following the onset of a range of conditions including Alzheimer’s, Cancer, stress and backache.
Universal Cover insures up to 60% of gross monthly income (up to £2000), and financially protects the self-employed and contract workers, as well as those in permanent employment.
Like income protection, benefits are paid directly to the policyholder and can be used to pay mortgages, shared ownership costs, as well as other outgoings and luxuries.
Applicants are then only required to answer four eligibility questions and complete their details, with no medical feedback or proof of outgoings necessary.
“There is currently an enormous protection gap,” British Money director, Simon Burgess said. “State Benefits are meagre, means-tested and set to be reduced further with the rollout of Universal Credit.
“We hope that our fair and ethical approach will revitalise consumers’ appetite for this essential cover and rebuild the reputation of payment protection among consumers and their financial advisors.
“Universal Cover has been designed to pay claims. Don’t leave work without it!”
Independent protection expert Louise Cuming added: “Universal Cover greatly exceeds Defaqto’s 5-Star baseline and is the widest and most comprehensive mortgage insurance that has ever existed. I am confident it will bring much-needed credibility back to this sector.”
Universal Cover has been developed exclusively for British Money by A-rated insurer, Cigna Europe Insurance Company.
