Risk Placement Services is to make income protection and interim cover policies available through its online service which specialises in sourcing protection insurance for non-standard customers.
RPS says it has added IP to its portfolio of products in response to the gap in the IP market.
According to figures from the Association of British Insurers, in 2005 just 2 per cent of households had purchased IP despite over 75 per cent of advisers claiming they had recommended the product to their clients.
RPS says it will source the most appropriate products from insurers on behalf of advisers and consumers and IFAs are able to use one online application form to get multiple quotes.
RPS is also offering an interim cover policy service for advisers’ customers which can be underwritten for all causes and is similar to policies offered directly by insurers, whereby the life is covered during the underwriting process up until the date the policy goes on risk.
Managing director Mike Hosie says: “The addition of income protection products and interim cover to RPS’s unique online service is further evidence of our commitment to minimising the protection gap that exists in the non-standard risk insurance market.
“As well as providing customers with complete peace of mind, RPS’s services will enable substantial time and cost savings for advisers and their non-standard clients.
“The news also confirms our commitment to expansion following the recent launch of our new Adviser Centre and the continued expansion of the RPS team.”