Burgesses launches ‘highly flexible’ incomeSAFE
INSURANCE TIMES - 1ST OCTOBER 2002
Specialist underwriting agency Burgesses is unveiling a low cost income payment protection insurance scheme which does not penalise smokers.
Burgesses’ incomeSAFE is designed to provide up to 75 per cent of earnings for people who are unable to work due to accident or illness.
The product – which is underwritten at Lloyd’s – has universal rates with no loadings for either age or gender.
The product – designed and created for Burgesses by marketing company Safe and Secure – is being introduced in response to “the serious reduction in State benefits and the subsequent need for private provision.”
Safe and Secure principal, Dave Williams, comments: “State benefit is now means tested and taxable and can no longer be relied upon to maintain monthly outgoings.
“Typically basic benefit will provide a four-person family, previously with average earnings of £30,000, with an annual income of less than £7,000 – and in some cases nothing at all.”
IncomeSAFE has a deferred period of just 30 days before benefits become payable for either 12 or 24 months and up to a monthly maximum of £2,500.
Premiums start at £1.50 per £100 of monthly benefit, including tax.
Burgesses managing partner, Simon Burgess, comments: “This contract is just what our clients have been looking for – highly flexible protection with low premiums that have been achieved without cutting corners.”
