British Insurance is offering a product which pays out a regular income on long-term illness or injury.
It has been launched through subsidiary firm Sickpayplus.co.uk and claims to pay monthly benefits backdated to day one if the policyholder is off sick for 30 days or more.
It costs 1.35 a month per 100 of monthly benefit for three months and 2.10 a month per 100 for six months.
The majority of income-protection policies do not pay out any benefits for the first three or six months of a claim due to the deferred period. The new cover can be taken out over nine or 12 months and there are no penalties on occupation, gender, age or smoking.
British Insurance managing director Simon Burgess says: “The product should prove popular with those who fail to qualify for standard income protection terms because having cover for only nine or 12 months is likely to be preferable than not being able to afford any at all.
“It can provide people with a valuable breathing space to reappraise their circumstances and plan their finances.”