AIG Life has launched an income protection product that includes includes early intervention services as well as financial benefits.
Vicky Churcher, intermediary director at AIG, said although many advisers recommend income protection for the financial benefits, the new product will get people back to work quicker.
“Our early intervention rehabilitation support service starts during the deferred period and can help speed recovery.
"Rehabilitation support services should be an important consideration as well as the financial benefits when an adviser makes an income protection recommendation,” she said.
The new product allows people to choose a 2-year payment period rather than the traditional full plan term. This offers flexibility because everyone’s needs and budgets are different, AIG Life said.
Other features include rehabilitation support and a guaranteed benefit amount of £1,500 as well family carer, recuperation, trauma and hospitalisation benefits and terminal illness and death benefit.
The maximum age at end of the plan is 70.
Tony Müdd, divisional director for development and technical consultancy at St. James's Place Wealth Management, said the new product was “impressive”.
“What I really like is the range of early intervention rehabilitation services. For me this demonstrates AIG’s commitment to their clients, helping speed their recovery and return to the workplace rather than simply protecting the customer’s income.
"I see this as now being one of the top income protection plans currently available and a very valuable addition to the customer’s protection menu.”
Steve Berry, group FS Protection Manager at First Complete, said it was "extremely encouraging" to see AIG Life focusing on income protection by developing "such a comprehensive IP benefit package“.
Alan Lakey, director of CIExpert and Highclere Financial Services, said: "Early intervention is common to group IP plans and it is encouraging to see this being introduced to individual plans.
"Insurers have assessed that it can be cheaper to offer rehabilitation than to pay out over an extended period so, where this works it is a win for all concerned."
