Zurich has launched family income cover for new policies which provides a monthly income instead of a lump sum payment that is paid out for the remaining policy term.
The feature is available with life cover, life and critical illness and standalone critical illness, completing Zurich’s full menu proposition.
At the same time, Zurich has amended the maximum monthly benefit to align with the updated tax and National Insurance thresholds, which it said will provide clients with a higher maximum monthly benefit.
Louise Colley, director of retail protection at Zurich UK (pictured), said: “We continue to listen to advisers and know that in the current climate, many are looking for added flexibility. Protection is the last thing that families can afford to lose, and options are on the table for those looking to cut costs.
“Family Income Cover completes our range, offering another affordable option to meet the needs of more customers. Built in flexibility across our proposition, means cover can be adapted.
“Customers for example can switch between our core and select critical illness and income protection, choosing more or less enhanced benefits as their circumstances change. It has been developed to allow families to budget without leaving themselves underinsured.”