View more on these topics

Goodfellows plan easy as ASU

Goodfellows has established IncomeInsurance, an accident, sickness and unemployment policy for a mortgage or any other purpose.

IncomeInsurance was designed in response to a survey by the British Association for Protection Brokers. It found half of UK workers do not have savings or insurance to fall back on if they were unable to find a job within a month of redundancy.

Unemployment cover under IncomeInsurance costs £3.50 per £100 of monthly benefit and disability cover is available at the same rate. Unemployment and disability cover is more expensive at £5.50 per £100 of monthly benefit.

In the event of a claim, IncomeInsurance pays out up to £1,000 a month or 50% 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 pitching IncomeInsurance as a flexible policy because it is not tied to a mortgage or personal loan. However, it is not unique as Berkeley Alexander&#39s safetyNET policy does the same job.

Berkeley Alexander&#39s plan offers more options than Goodfellows, with a benefit period of 12 or 24 months and a waiting period of either 30 or 60 days. Policyholders can link the product to their mortgage, which reduces the premiums.

However, the wider income protection option provides the closest comparison with the Goodfellows policy and shows Berkeley Alexander is cheaper. It provides up to £1,500 a month or 66% of gross income, which is a higher level of benefit than the Goodfellows plan. Under the Berkeley Alexander plan, unemployment cover with a 30-day waiting period and a benefit period of 12 months costs £3 per £100 of monthly benefit Disability cover A combination of the two costs £5.25 per £100 of monthly benefit.


Old Mutual bond star joins M&G

Richard Woolnough, star manager of Old Mutual&#39s top performing corporate bond fund, is leaving the group to join M&G&#39s fixed income team in the New Year.Woolnough, the leading corporate bond fund manager of the past three years, will manage a fund M&G plans to launch in the first quarter of 2004. It will be developed […]

Standard Life cuts bonuses

Standard Life has again cut its bonuses, reducing payouts by an average of 6 per cent.This means a £50 a month 25-year with-profits endowment policy, is now worth £69,386 down from £75, 984. This represents an annual return of 10.7 per cent on total premiums of £15,000. There is to be no change to annual […]

Skandia – Series Six Pension Trustee Bond &#45 Single Price

Type: Unit-linked bond Aim: Growth by investing in unit trusts, Oeics and investment trusts Minimum investment: £3,000 Fund links: Choice of 317 funds from Aberdeen, Artemis, Alliance Berstein, Allianz Dresdner, Baring, BlackRock, Britannic, Credit Suisse, DWS, FirstState, Fidelity, Foreign & Colonial, Framlington, Gartmore, Goldman Sachs, Henderson, HSBC, Invesco Perpetual, Investec, Isis, Jupiter, JPMF, Lazard, Liontrust, […]

Buy to let benefits from fall in first-time buyers

Buy to let is booming as house price inflation forces potential first-time buyers into renting rather than buying.Seventy-one per cent of landlords say the lack of first-time buyers has boosted the buy-to-let market, according to a survey of property investors attending this year&#39s Property Investor Show.Over half of landlords (53 per cent) believe the buy-to-let […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm