Insurety has launched a new product that refunds premiums in full if no claim is made against the po...
Insurety has launched a new product that refunds premiums in full if no claim is made against the policy in 12 years.
The product, Sovereign Income Assistance Plan, provides protection against accident, sickness and accidental death as well as loss of income through unemployment or business failure.
David Abington, managing director of Insurety, said: 'Sovereign has been specially designed to cushion people from the trauma of losing a regular income and to protect them and their families until the situation improves. Because they know they can get their money back after 12 years if they do not claim, it is a win-win situation for the policyholder.'
The plan is available to people aged 16 to 60 and offers the choice of a 12 or 24-month benefit period and different deferment periods. Premiums are unrelated to age or occupation and stand at £5.73 per £100 insured with 12 months' benefit and 14 days' deferment. This increases to £7.88 per £100 insured with the same deferment period for 24 months' benefit. Although premiums can be claimed back after 12 years if a claim is not made, no interest is added to that sum.
According to Nick Homer, income protection product marketing manager at Norwich Union, although premiums are not the cheapest on the market, Insurety's approach could help target customers who are more adverse to risk and would not usually opt for protection products.
'Some people see paying for protection products as dead money. As Insurety's new plan offers the incentive of a possible return, it could help to open up an area of the market that would usually be closed to protection,'he said.
For further information, call 0870 8890396.
