Paymentshield has launched a protection product which allows customers to choose what outgoings the cover pays for.
IncomeShield offers cover for any of the policyholder’s living expenses and can be sold as a standalone product or with other protection products.
The product covers outgoings of up to £2,000 a month subject to a maximum 65 per cent of income.
Chief executive Tim Johnson says: “Financial intermediaries have been crying out for a flexible income insurance product that is not tied to a mortgage or loan but that can be used to cover a raft of financial outgoings including rent, council tax, school fees and even gym membership or the daily running of a car. IncomeShield puts the customer in charge of where they want to spend their money.”
Clients can choose between full accident, sickness and unemployment cover, accident and sickness cover and unemployment cover.
Up to 25 per cent commission is paid on each sale.
Johnson says the product allows customers to prioritise what they consider to be essential outgoings that need to be met if they were to lose their income.
He adds: “We believe this flexibility, together with increased demand for income insurance in the face of higher unemployment and a government clampdown on benefits and reduced support for borrowers that are out of work will see IncomeShield become a popular tool for intermediaries seeking to protect their clients’ quality of life.”