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Goodfellows leads protection gang

Goodfellows has established safetyfirst, an accident, sickness and unemployment product that does not depend on the policyholder having a mortgage.

Safetyfirst is identical to Income Insurance, a product Goodfellows established last year. Unemployment cover costs £3.50 per £100 of monthly benefit and incapacity cover is available at the same rate. Unemployment and incapacity cover is more expensive at £5.50 per £100 of monthly benefit.

In the event of a claim, safetyfirst pays out up to £1,000 a month or 50 per cent of gross monthly income, whichever is lower. There is a deferred period of 30 days and benefits are paid for up to 12 months.
Goodfellows is marketing safetyfirst as an income protection product because it is not tied to a mortgage or personal loan the way most accident, sickness and unemployment policies are.

However, the way it is structured with a choice of unemployment only, incapacity only and a combination of both, plus no loading for gender and occupation, make it a variation of mortgage and loan protection policies. Despite this, it is not unique to Goodfellows as Berkeley Alexander&#39s incomeSUREpolicy does the same job.

Berkeley Alexander&#39s plan has the same 30-day deferred period as the Goodfellows plan and the same benefit period of 12 months. However, cover is more expensive with Berkeley Alexander at £3.65 per £100 of monthly benefit for unemployment only or incapacity-only cover and £5.85 per £100 of monthly benefit for a combination of both.

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