The product offers options for full ASU, accident and sickness cover, or standalone unemployment cover
Mortgage and protection network Stonebridge has announced a new partnership with independent insurance provider Wessex Group to offer a new accident, sickness, and unemployment (ASU) insurance product called Homeowners Income Protection (HIP).
Developed by Wessex Group and AmTrust via Qualis Credit Risk, the HIP product offers a variety of features including options for full ASU, accident and sickness cover, or standalone unemployment cover.
Benefits from this insurance are payable up to a maximum of 12 months, with choices for optional wait periods and excess periods. The policy also facilitates transitions from other ASU policies, promising improved terms and prices. Additionally, it includes a unique option for cover to become a full-time carer for immediate family members.
The HIP product launch, Stonebridge said, is part of its initiative to enhance the range of protection products available to consumers, aligning with the Consumer Duty guidelines which emphasise positive consumer outcomes. The network and Wessex Group are also conducting a series of webinars to detail the product benefits and discuss relevant consumer scenarios.
Stonebridge recently expanded its protection offerings by adding insurers Guardian and Zurich to its panel.
“We’re very pleased to be adding this new ASU product from Wessex Group to our array of protection products and to be working closely with both Wessex and the Qualis protection team to provide our members and their clients with this excellent product,” said Rob Clifford (pictured), chief executive of Stonebridge.
“Regardless of network, advisers have not had an array of ASU choices in recent years, and it’s therefore important we provide our AR firms and advisers with access to a product that is increasingly in demand, particularly in a Consumer Duty context and for individuals who need to protect themselves against greater levels of uncertainty.”
Nigel Preston, joint managing director at Wessex Group, highlighted the significance of the new product, especially for homeowners and first-time buyers facing challenging economic conditions.
“Advisers have had slim pickings to choose from in terms of ASU product cover for their clients, and this has often meant consumer advice has focused on Life Insurance and Critical Illness alone, which, while valuable in their own right, do not address the short-term income impacts of an accident, sickness, or unemployment event,” Preston said.
“Now, however, we can provide a real alternative, one that is competitively priced and, more importantly, one that allows advisers to deliver peace of mind to clients should they suffer an accident, sickness, or unemployment, and the loss of income this can often result in. Adding the ASU product to the adviser’s toolkit means they also have a further touch point for their existing client relationships, many of whom may not have the cover they need, should the worst happen.”
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