Protection specialists Permanent Insurance is adding a premium waiver option to its range of term assurance products.
Although subject to underwriting the option is available at a fixed rate cost of 3 per cent of the premium for single life cases and 6 per cent of the premium for joint life cases regardless of age or occupation.
The life office already offers premium waiver on its range of critical illness plans and is extending this to cover its term assurance policies including level, pension, decreasing, family income benefit and mortgage protection.
Permanent sales and marketing manager Rod MacDonald says: "We are continually striving to ensure that our products are amongst the most competitive in the marketplace.
"We are therefore delighted to announce this new premium waiver option which means that when people are unable to work for a period of at least 26 weeks, they do not have to worry about making premium payments."