Berkeley Alexander is launching a modular accident sickness and unemployment (ASU) product which includes an income protection element to its options.
The SafeGuard Protect product provides three standalone modules: personal accident, IP, or mortgage or rent protection in the case of an accident, sickness or job loss.
Personal accident pays policyholders a lump sum following a bodily injury, mortgage or rent protection pays a monthly benefit with four available benefit levels; and IP offers four cover levels depending on gross monthly income.
Each module has its own schedule and policy wording, but they can all be accessed in one go with one combined online quote and buy process.
The insurer said the product can be tailored to each client’s needs, with five levels of cover available for the personal accident product and up to £2,000 of cover per month across mortgage or rent and income protection.
Berkeley Alexander chairman Geoff Hall said bringing the products together, which are supported by reinsurer Canopius, had been a long time in the making.
“For years following both the payment protection insurance (PPI) scandals of the past and more recently Covid, insurers understandably retreated from ASU, withdrawing from new sales of unemployment cover during Covid, but these protection products are vital,” he said.
Canopius head of specialist consumer products David Swan said the firm was confident the product would prove to be a very popular and valuable offering for intermediaries and their clients.