Allianz UK has launched a short-term income protection policy which requires no medical underwriting and provides immediate cover.
Available only through financial advisers and mortgage brokers, benefits are paid for a maximum of 12 months.
Customers can choose between accident, sickness, and unemployment, and accident and sickness only or unemployment only.
Developed with AmTrust Specialty and Wessex Group, the policy includes accidental death cover when accident and sickness is selected providing 12 times the monthly benefit automatically. With the accident and sickness options there is no premium weighting for existing conditions, making it accessible to a broader audience.
The policy is available to customers aged 18 – 64 who have been in full-time employment for at least six months, with cover ending at age 67. Additionally, it covers up to 65% of their gross monthly income, with a maximum of £3,000 for new mortgages and £2,000 for existing mortgages or customers with a mortgage offer.
Henry Topham, managing director of retail insurance at Allianz UK, explained the policy will appeal to financial advisers as it is a complementary product to their mortgage and protection sales.
“It offers a vital financial safety net and peace of mind ensuring people and homeowners can maintain their standard of living when the unexpected happens,” he added.
