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Compass pointing income protection plan at employees

Critical-illness specialist Compass Underwriting is offering an income protection plan covering full-time employees against unemployment, injury and sickness.

The plan, which is also open to the self-employed, company directors and shareholders, is available on a fixed five-year term or monthly renewable basis.

It carries an initial unemployment exclusion period of 60 days, followed by a further 30 days excess, after which it can pay up to £2,500 a month tax-free for a maximum of two years.

Compass also offers a 24-hour helpline offering advice on unemployment, stress and medical problems.

The plan carries no age, gender or occupational restrictions but applicants must work a minimum of 20 hours a week in full-time employment or under a fixed-term contract.

Cover of £1,000 would cost around £29 a month on a monthly-renewable basis or £37 a month for a five-year contract. The plan is underwritten by Lloyd&#39s and pays up to 30 per cent commission throughout the life of the cover.

Marketing director Andrew Briant says: “Due to the current economic uncertainties within the UK and especially with the problems that the manufacturing and high-tech industries are currently suffering from, this product provides essential protection for anyone who has taken out a loan or mortgage or simply wishes to protect against a potential loss of income.”

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