NU’s Income Protection Solutions product, available from today, will offer guaranteed and reviewable rates and flexibility of options, such as limited benefit terms and retirement ages from 50 to 70.
With over 60 years’ experience in providing income protection, the NU product is poised as one of the most competitively priced products in the market.
Marketing propositions manager at Norwich Union Healthcare Nick Homer says the launch affirms its commitment and belief that intermediaries have a critical role to play in helping people understand the need to protect their income.
He says: “Our new proposition, with its improved pricing, flexibility and support services will make it easier for intermediaries to both address their clients’ needs and transact business with us.”
Homer also took the opportunity to highlight the dangers of long-term incapacity.
He says: “State incapacity benefit currently only provides £75.40 per week which for most people is nowhere near enough to meet their needs. Consequently many people are currently vulnerable to the potentially devastating financial effects caused by long-term incapacity.
“Also, the State welfare system is set to be reformed further in October this year, meaning the need for long-term income protection has never been greater. ”