Nationwide Life, the life and pensions arm of Nationwide Building Society, is linking up with Norwic...
Nationwide Life, the life and pensions arm of Nationwide Building Society, is linking up with Norwich Union to offer an income protection plan.
The plan, which will be underwritten by Norwich Union, offers to pay out up to 60% of gross earnings should policyholders be unable to work due to accident, sickness or disability.
Premiums start from £5 per month and the product will be sold through Nationwide's financial consultants. The deferred payment period options include four, eight, 13, 26 or 52 weeks. Other deferred payment period options are 56, 104 or 112 weeks.
The policy is available to those in full-time employment, those self-employed on a full-time basis and housepersons aged between 18 and 54.
Bill Tonks, managing director of Nationwide Life, said: "Long-term incapacity benefit paid by the Government in the event of illness will not enable many people to maintain their normal lifestyle. It is therefore important to make provision to ensure that your income is not heavily reduced in the event of an accident or illness.
"The new income protection policy that we are offering will enable our customers to protect themselves."
Mike Siomiak, managing director of Norwich Union Healthcare, said: "It is extremely encouraging that the world's number one building society recognises the increasing need for people to protect their income and is taking a proactive approach towards highlighting the importance of this protection."
