UK-based life and protection insurance company Guardian is launching an income protection product in the next few weeks.
This will add to its existing range of life and critical illness protection policies.
The company said that advisers will be able to combine different cover types, amounts and terms on its system to create bespoke protection recommendations for clients.
Jacqui Gillies, marketing and proposition director, explained: “At the core of our design is the customer and what they should expect from an income protection policy; namely, a definition that is easy to understand and pays out when they need it to. So, one particular highlight is that we’ll cover ‘own job’, rather than the more traditional ‘own occupation’.
“This distinction gives our customers more certainty that, if they need to claim, their cover will pay out based on an assessment of the actual job they do, and not just on a wider assessment of their occupation. ‘Own job’ is language customers know and understand, and it’s important for customers to know what they’re covered for.
“We’ll waive premiums after 28 days, even if the customer’s deferred period is later and if they’re not yet losing income and after the policy has been in force for 12 months, we’ll waive premiums for up to six months for maternity, paternity and redundancy. We’ve done this to encourage customers to let us know as early as possible of illness or injury, so our claims service can start supporting them and getting them back to work as soon as they feel able.
“By offering a choice of two-year and full-term payment periods with a variety of deferred periods, our income protection will provide a range of options to suit different needs and budgets. Customers also have the option to add children’s critical-illness protection to standalone income protection, which gives families greater cover.”
