Income protection provider British Friendly, which launched to intermediaries in 2011, has created a simplified income protection product to be sold through advisers only.
‘Breathing Space’, available to UK financial advisers from today (29 July), has no financial underwriting.
It is a long-term contract that can run to a maximum age of 65 and cover can be set to pay out for up to one, two or five years per claim.
A claim can be made after being unable to work for four weeks.
Claims are paid weekly, up to £250 (£13,000 a year).
The product is own-occupation cover and there are no automatic exclusions.
‘Breathing Space’ pays out if you are unable to work due to accident or sickness.
Mark Myers, chief executive of British Friendly, said: “By removing all financial underwriting we are giving advisers an alternative option to recommend to their clients, particularly those who have fluctuating incomes, to provide both simplicity and certainty.
“Policyholders can be confident that when they claim they will receive the cover they have paid for, as no deductions are made for existing benefits such as sick pay, other insurance pay-outs, or state benefits.”
Roy McLoughlin, IFA for London-based Master Adviser, said: “This product feels like a breath of fresh air. Circumnavigating the onerous task of financial underwriting means that this product feels very accessible, which is crucial within such a mandatory part of protection.”