The improved product delivers broader eligibility criteria for applicants, which will provide more opportunities for brokers to quote to a larger target market according to the provider. The amended IncomeShield product also includes improved cover for those with pre-existing medical conditions.
James Watson, sales director at Paymentshield, said: “Some intermediaries may still have a perception that income protection is restrictive due to the eligibility criteria. We have responded by further enhancing IncomeShield’s eligibility criteria to provide brokers with more opportunities to take advantage of the growing demand for income protection.
“Paymentshield has responded to direct feedback from brokers to deliver a more comprehensive product to support intermediary sales and provide additional income potential. The changes to IncomeShield are part of a wider commitment to support brokers. We will continue to develop our products to complement their clients’ needs.
“Despite the current economic climate, in recent research, we found that only 4% of people in the UK have income insurance. This highlights a key opportunity for brokers to maximise income insurance sales and offer reassurance to clients in an uncertain economic landscape.”
