Bright Grey has launched an income protection product which it says will boost eligibility for own occupation cover to 95 per cent of clients.
The product offers two IP definitions: an own occupation definition for the whole policy term, and own occupation cover for one year.
The latter will be offered to customers in full-time employment who not eligible for the full definition.
Under the single year definition, customers who are still unable to return to work after twelve months will be assessed against a list of seven serious illnesses including blindness, cancer, complete dependency, deafness, dialysis, organic brain disease and terminal illness.
If the customer’s condition does not match any of these illnesses, they will then be assessed against nine everyday tasks ranging from sitting in a chair for at least 30 minutes without unreasonable discomfort to getting in and out of a car.
Failure to complete three out of the nine tasks will make the customer eligible for a continued payout.
People who are not working or work less than 16 hours per week will be offered protection against a list of serious illnesses and everyday tasks.
Bright Grey senior product development manager Jennifer Gilchrist says: “By providing an element of own occupation, a serious illness list, as well as everyday tasks, we are making it easier for customers to claim and increasing consumer confidence in income protection.”