Norwich Union has launched an income protection product to counter the "potentially devastating" financial effects of long-term incapacity.
Income Protection Solutions offers guaranteed and reviewable rates and a maximum benefit level of £180,000.
Norwich Union says the need for income protection products has never been greater, adding it plans to launch more products in the future.
Nick Homer, marketing propositions manager at Norwich Union Healthcare, says state incapacity benefit, currently £75.40 per week, is “nowhere near enough”.
“Consequently many people are currently vulnerable to the potentially devastating
financial effects caused by long-term incapacity,” he says.
“Also, the state welfare system is set to be reformed further in October this year, meaning the need for long-term income protection has never been greater.”
Homer adds: “This launch affirms our commitment to growing this market and our belief that intermediaries have a critical role to play in helping people understand the need to
protect their income.”
Norwich Union provides individual claims advisers, who will complete the forms for the customer over the phone, and a rehabilitation service to help get policyholders back into work.
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