Tunbridge Wells Equitable has extended the benefits on its income protection cover for housepersons and part-time workers.
The definition of houseperson on its Replacement Income Cover product has been extended to include part-time workers. Although many income protection policies recognise the role of the houseperson, few will extend the definition to include part-time workers.
Previously many people in part-time work would have been on too low a salary to qualify for income protection and would have been unable to get cover under the houseperson definition. Additionally Tunbridge Wells Equitable has increased the housperson benefit to £1,250 per month.
Research conducted by BMRM on behalf of Tunbridge Wells Equitable shows that 85 per cent of women with dependent children do not have any insurance to cover the costs of running the home if they suffer a serious illness or incapacity. But estimates suggest that the cost of running a home, including paying for a nanny, childminder or help with general household duties, is as much as £250 a week.
Tunbridge Wells Equitable is offering bottles of champagne to the first 50 IFAs whose partners take out Replacement Income Cover.