Guardian Financial Services has added an unemployment waiver to its New Protection Programme which it launched last year.
Customers can choose a deferred period of one, two or three months and a benefit period of 12 or 24 months. The additional cost ranges from 4.2p to 6.5p for each £l of monthly premium. This means for a £10 monthly plan payment, the extra cost for unemployment waiver and a benefit period of 12 months would be 48p.
Andrew Wood, marketing manager for Guardian Financial Services, said the move would benefit intermediaries as well as customers: “We are one of the few companies which have a clawback liability period of two years. If an IFA’s clients have unemployment waiver with a benefit of two years, this will reduce the risk the IFA faces of having a clawback on their commission from Guardian.”