Direct Benefit of wage cover
DAILY EXPRESS - 28TH APRIL 2004
A new form of income protection is available from the British Insurance Brokers Association. The product differs from traditional mortgage payment protection insurance schemes because it will pay out directly to the policyholder in the event of accident, sickness and unemployment.
Standard protection schemes are normally arranged around the mortgage and any payout usually goes directly to the mortgage lender: The occupation criteria offered by this policy is one of the widest on the market and allows the employed, the self-employed, contract workers and owner-directors of companies to be covered on a full or part-time basis.
Premiums are highly competitive and range between just £3 and £5 for each £100 of monthly benefits.
