Allianz UK has revealed its new short-term income protection policy developed with AmTrust Specialty Limited and Wessex Group.
Key features include that it requires no medical underwriting and provides immediate cover, is available only through mortgage brokers and financial advisers, and benefits are paid up to a maximum of one year.
Customers can choose between accident, sickness, and unemployment, accident and sickness only, or unemployment only.
If customers select accident and sickness, accidental death cover is also included, providing 12 times the monthly benefit automatically. There is no premium weighting for existing conditions regarding accident and sickness.
The policy is available to customers aged 18 - 64 who have been in full-time employment for at least six months, with 67 being the age at which the cover ends. 65% of their gross monthly income is covered. New mortgages have a maximum of £3,000, while existing mortgages or customers with a new mortgage offer have a maximum of £2,000.
"We are delighted to launch a new short-term income protection product in partnership with AmTrust and Wessex," Henry Topham, managing director of retail insurance at Allianz UK, said.
He added: "At Allianz, we understand that people worry about how they’ll be able to pay their bills if accident, sickness or unemployment prevents them from working. This policy will appeal to financial advisers as it’s a complementary product to their mortgage and protection sales.
"It offers a vital financial safety net and peace of mind, ensuring people and homeowners can maintain their standard of living when the unexpected happens."
