Insurance broker Goodfellows is offering all UK workers, irrespective of age, occupation, or gender, a tax-free cushion of up to £12,000* against the risk of unemployment or incapacity, with its recently launched income protection policy called safetyfirst.
safetyfirst is underwritten by Bankers Insurance Company Limited (a subsidiary of Assurant Group Ltd) and it is unlike traditional Mortgage Payment Protection Insurance in that it is not tied to a mortgage or any other loan. Also, it provides cover for living and other expenses with tax-free benefits paid directly to the policyholder and not the lender, which is typical with Mortgage Payment Protection Insurance.
Furthermore, the occupation criteria is one of the widest on the market allowing employed, the self-employed, contract workers and even owner directors of companies to be covered on either a full or part-time basis provided they work for a minimum of 20 hours per week. (It is advisable however, for those persons who are not in employed positions to carefully consider the unemployment aspects of cover as it is on a ‘cease to trade’ basis only, which makes cover restrictive).
Premiums too are highly competitive, and range between just £3.50 and £5.50 per £100 of monthly benefits. For example, to protect a net monthly income of £1000 per month for up to 12 months’ costs just £35 per month for unemployment only or £55 to add incapacity.
Goodfellows Managing Director Simon Burgess says: "Our premiums are on average one third less than those of our competitors and our non discriminatory approach will enfranchise those who are put off by a lengthy and invasive application procedures. Furthermore, with changing work patterns and turmoil in the financial markets, there is no such thing as a job for life and unemployment protection is an essential purchase for the vast majority of working people."
A view confirmed by Mike Williams, former Chief Executive of The British Insurance Brokers Association. He says: "Goodfellows provide a unique and attractively positioned product both in terms of content and price. With ever-changing work patterns its non-discriminatory approach will enable those currently in employment to have peace of mind at an affordable cost."
safetyfirst is available online at www.safetyfirst.gb.com which is quick, easy to use and highly secure.
