A policy combining critical illness, permanent total disability and death benefits has been launched by Lloyd’s syndicate, Crowe Insurance.
Vital Life is designed to protect companies and key employees from financial crisis. Underwriter John Knapp said: “If disaster strikes, Vital Life will help the company to survive until its key staff return or can be replaced.”
The product is based on a five year term. Companies can also include a temporary total disability benefit with a deferred period of 13 or 26 weeks.
The sum assured can be written either as a level benefit over five years or can be increased by an agreed percentage each year.
Commission payable to IFAs and brokers is 20% initially and 15% at renewal.