"The overwhelming response was positive with almost 70% of respondents saying that they currently are or would look to include ASU in their client offering."
Lifestyle Insurance replaces Source’s existing Accident, Sickness and Unemployment which it says offers brokers a "real fit for purpose alternative to the out-dated ASU products currently in the marketplace".
The exclusive features of Lifestyle Insurance include a monthly benefit of up to £5,000 to cover mortgage, rent and/or income. Cover can be taken as full ASU or AS or U only; with cover periods of 6, 12, 18 and 24 months.
Each policy is also underwritten at point of sale and Carer Cover and Career Support Cover are additional benefits included as standard within each policy.
Complementing these core policy benefits, Source has also introduced new QuickQuote functionality, flexible commission and simplified policy-wording.
Source plans to launch further enhancements to the Lifestyle Product throughout 2017 by adding additional providers and policy benefits.
Source Head of Sales, Brian Coulton, said: “During our research we surveyed more than 2,200 brokers to gain their views on what they wanted from this product and if, in fact it had a place. The overwhelming response was positive with almost 70% of respondents saying that they currently are or would look to include ASU in their client offering."
Kevin Paterson, Source MD, added: “We have taken our time to build what we believe to be a market leading product range with active involvement from the broker market and detailed research from all interested stakeholders.
"Most evident from this research, was the need for the product to be clear, unambiguous and to provide higher cover limits that are also flexible. We will shortly be launching a training module which supports broker knowledge of the product and also qualifies for CPD.”
