Protection experts are predicting an "avalanche" of providers to branch out into space vacated by the collapse of payment protection insurance (PPI).
It follows the launch of one of the first short-term income protection (IP) products by Pioneer.
The specialist IP firm says Bills & Things (B&T) caters for those consumers who want and need cover but can not afford it, and those advisers put off by the perceived complexity of full IP.
B&T enables consumers to receive up to £1,000 worth of cover for either one or two years. There is no financial underwriting at application - only proof of employment is required - or claim stage and Pioneer says it can be used as a "pre-cursor" to explaining full IP.
Andy Chapman, chief executive of Exeter Friendly Society, which merged with Pioneer in March 2008, says B&T may represent "a new dawn" in the IP sector.
"Pioneer isn't getting away from its roots here but this could be a new dawn for IP with people getting off the fence and becoming more aggressive," he says, predicting others will branch into the PPI space. "We're opening out into a whole new market."
Distribution will be a limited number of advisers followed by a full market roll-out in June.
Pioneer adds B&T will be particularly suited to IFA networks that have a lot of mortgage brokers as the product is an "ideal replacement" for Accident, Sickness & Unemployment cover and PPI.IFAonline
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