Compass Underwriting has launched a new income protection (IP) product that can be sold as either a monthly renewable plan or a fixed five-year term.
The monthly renewable plan will cost clients around £30 a month to provide a monthly benefit of £1,000. Age, gender and occupation will not be taken into consideration although applicants must work a minimum of 20 hours a week in full-time employment or with a full fixed-term contract.
If someone has taken out a mortgage within 30 days of applying for this IP plan, Compass has agreed to waive the initial exclusion period. The wording of the policy has been awarded the Plain English Campaign’s crystal mark for clarity.
Compass managing director Andrew Briant said: “Due to the current economic uncertainties within the UK, this product provides essential protection against a potential loss of income.”
For more information call 020 7398 0102 or log on to www.compassuw.com.