Underwritten by NIG and fully compliant with ABI guidelines, incomeinsurance offers back to day one cover and a simple application procedure that does not require medical examination. In addition, its universal, highly competitive rating structure will be attractive to all occupational groups, but women and those working in heavy manual occupations are the main beneficiaries.
As an example, £35 (irrespective of one’s job, age or gender) will provide £1,000 of tax-free monthly cover against the risk of unemployment costs. Furthermore, unlike MPPI, incomeinsurance is paid directly to the policyholder and is not tied to a mortgage, loan or other indebtedness. Accordingly, the money may be spent on anything, which gives the policyholder greater control of their life.
The move is in response to a recent survey by the British Association for Protection Brokers, which revealed alarming gaps in the nation’s finances. It discovered that, in the event of not being able to find employment within a month of redundancy, half of all UK workers do not have an adequate financial back-up either through savings or insurance, with a third hoping to rely on State Social Security benefits.
Commenting on the launch, Goodfellows’ managing director, Simon Burgess said: "All working people and their families can now have peace of mind and a significant financial resource at a moderate and pre-determined cost."
