LV= has launched an income protection product aimed at those in higher risk professions.
Personal Sick Pay is aimed at those in professions such as teaching, nursing and manual labour, as well as people who are self-employed or regularly move jobs.
The plan provides own occupation cover and can be purchased on a full basis, where it pays out until the claimant returns to work, or on a short-term basis, where it pays out for a maximum of two years.
Premiums are based on the applicant’s age and are unaffected by their job type or whether they smoke.
Those who work at least 30 hours a week can apply for up to £1,000 a month cover, with no financial checks at application or claim. LV= will provide cover of up to 60 per cent of a client’s earnings before tax for those who want more than £1,000 a month worth of cover.
Customers have the option of selecting a zero week deferred period where the policy will pay out from the first day they stop working, provided they are off sick for three days in a row.
LV= Life and Pensions managing director Richard Rowney says: “We wanted to provide a quality alternative solution in the ‘harder to insure’ space. Anyone can get sick or have an accident at any time, but the risks increase for clients in more physical or stressful jobs – so income protection can usually be expensive for them.
“We can now offer quality own occupation cover for a greater number of people at a much lower starting price.”