DMS has announced changes to its Short Term Income Protection (STIP) policy, now to be called ‘Gold Standard Short Term Income Replacement' (STIR).
Before the latest changes the policy paid 92% of claims, and the insurer plans further changes to DMS' products in 2015.
DMS is a specialist provider of illness, injury, redundancy and business closure insurance through IFAs, Mortgage intermediaries and networks.
"Gold Standard STIR" replaces up to 65% of pre-tax income covering illness, injury, redundancy and business closure with or without insolvency.
Cover can have either a 12 or 6 month limit for each claim and have either a "Value" policy with some features or the "Plus" policy with all features.
For pre-existing conditions cover is available if there are no symptoms or treatment 12 months before the start date.
Excluded conditions will be covered if there are no symptoms or treatment 24 months from the start date of the policy or 24 months before the claim.
Back problem claims are available for up to three months without radiological evidence while stress anxiety and depression claims are allowed for the same period without a required referral to a consultant.
A hospitalisation benefit up to £1000 is available with claims allowed during the waiting period.
The policy will pay out if the policyholder is unable to carry out their normal occupation and there is no premium loading for hazardous hobbies, sports, pastimes or occupations, which are not excluded.
The exclusion period for redundancy/business closure cover, waived for a new mortgage or when switching from another insurer.
The benefit is paid in addition to sickpay from an employer, even if full salary is being paid, while policies with the first year's premiums discounted by up to 15% are available.
John Tegg, who led the team designing the policy at DMS, said, "It's taken 11 years of development, but with Gold Standard Short Term Income Replacement, finally Advisers can forget all their frustrations and the risks of complaints with 'old standard' ASU and STIP.
"We're extremely proud of our 92% claims paid record."
65% of first £60,000
From PPI to the credit crunch
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A fixed pay-out of £2,500