LifeQuote has introduced a suite of short term income protection (STIP) policies to support their existing income protection (IP) panels.
The new service offers products with payment periods of 1, 2 and 5 years with the sum insured based on gross annual income and covering inability to work through illness injury or loss.
The new service was launched to offer a cross-provider comparison and transactional service to meet demand for a broader range of IP products.
The insurers on the new panel are:
- Bright Grey
- British Friendly Society (both Protect and Breathing Space products)
- Exeter Family Friendly
- Friends Life
- Legal & General
- LV= (both Budget IP and Personal Sick Pay products)
- Vitality Life
LifeQuote has also automated provider maximum benefit calculations to simplify comparing the levels of cover insurers offer.
Neil McCarthy, sales and marketing director at DirectLife, said: "Several factors are driving an increase in demand for short term income protection as an alternative to traditional IP.
"Housing inflation has meant that many buyers are stretching their finances, and this, coupled with the demands of the MMR, means that shorter term planning is often taking priority.
"The more buoyant employment market also creates opportunities to change job, which may necessitate a review of any benefits provided, stimulating demand.
"From an adviser's perspective this is good news, but also necessitates having systems and processes in place that allow them to search across providers both on cover and price and be able to transact on a single platform."
Launching later in 2019
Considered least important
Research from Canada Life
Putting the tech into protection