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Co-op and Unum Provident in income protection deal

Co-operative Insurance Society will be offering specially tailored versions of Unum Provident&#39s individual income protection products following a new partnership between the two companies.

CIS will offer an earnings&#39 protection plan and an expenditure protection plan covering mortgage payments. It will sell the products through its tied salesforce of 3,000 and Co-operative Bank Mortgage Centre.

Unum Provident will be responsible for underwriting and admin as well as being reinsurer of the entire liability.

The firms hope to develop a strategy to help bridge the income protection gap which stands at £270bn a year, according to a Swiss Re report.

Unum Provident director of individual marketing Eugene McCormack says: “The public does not understand that income can be protected up to retirement and there is also ignorance about the availability of the product. CIS has a substantial distribution system and long-standing customer relationships. This partnership will help us to educate consumers and advisers of the benefit of income protection.”

CIS chief operating officer Finian O&#39Boyle says: “We are confident that we can establish and build on solid foundations for market development in this sector, which is ripe for growth.”

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