Protection underwriting group Goodfellows is launching an unemployment income protection product. U...
Protection underwriting group Goodfellows is launching an unemployment income protection product.
UnemploymentSAFE is available to employed and self-employed people aged between 18 and 65, irrespective of occupation. Benefits are not tied to a mortgage or other loan and the product is accessible to people in rented accommodation or older people who have paid off or greatly reduced their mortgage.
The maximum benefit is £2,500 per month and benefits are payable for either one or two years and are free of tax.
The excess period is 30 days and premiums range between 2.5-3% per £100 of cover. To protect a net monthly income of £1,000 per month for up to 12 months would cost £25 per month or £30 for a two-year benefit period. A complimentary employment and stress advice line is available to all policyholders.
Simon Burgess, managing director of Goodfellows said: "With changing work patterns there is no such thing as a job for life and state provision is minimal. Unemployment protection ought to be an essential purchase for most people once they have insured their lives."
Risk to retail investors
Joined as head of strategy, multi asset, in June
Group income protection