Compass Underwriting has launched incomeSAFE, an income protection plan designed to provide income r...
Compass Underwriting has launched incomeSAFE, an income protection plan designed to provide income replacement in the event of a GP-certified disability preventing normal or similar work.
IncomeSAFE pays 75% of gross monthly earnings, up to £2,500 tax free, after a 14 day waiting period. Benefit periods of 12 and 24 months can be chosen. Premiums are occupation related and range from 1.6% of benefit for 12 months, non-manual, to 4.85% of benefit for 24 months, heavy manual. No medical is required and there are no loadings dependent on the sex, age or smoking habits of those taking out the policy. The self-employed can be included in the policy. Sport cover, however, carries an additional seven-day waiting period.
Andrew Briant, managing director at Compass Underwriting, said: "This is a 30 day policy giving maximum benefit and flexibility for the insurer and insured. The structure of the product offers one of the highest retention rates in the industry, which is good for both our clients and us. With premiums at less than 2% of benefit, this product is very sharply priced."
The cover, renewed monthly, is continuously reviewed and premiums are collected by direct debit. Compass is launching the product with Berkeley Alexander.
£1bn business since inception
Considered doing so in 2015
Client communication considerations
Aviva: ‘We are sorry’
FOI from Professional Adviser