Mutual financial services provider Wesleyan has launched a new personal income protection plan, which is specifically tailored to the needs of its medical, dental and legal customers.
The new product is designed to support professional policyholders throughout their career. The firm said it offers a range of flexible options so that it can be adapted to cover changes in career and lifestyle.
These include guaranteed options to increase cover without providing further medical evidence if, for example, a policyholder receives a large pay increase or has a child.
Alongside this, there is also the option to suspend, reduce or continue cover on an own occupation basis during career breaks such as maternity or paternity leave.
Wesleyan has also enhanced its professional expenses plan for doctors, dentists and lawyers, which is aimed at safeguarding individuals and their practice against unexpected costs incurred as a result of sickness or accident.
The firm said this includes the cost of hiring replacement staff and covering the fixed costs of a practice.
John Nickson, Wesleyan’s managing director of life and pensions, said: “Wesleyan’s personal income protection plan is designed to be a plan for life.
“We have created it with the specific needs of our professional customers in mind and it is offered on an own occupation basis. Our customers often train for many years to achieve their job role and it’s important therefore that they are protected for that specific role even if they can work elsewhere outside of their profession.”