Earnings protection package from Burgesses
INVESTMENT WEEK - 28TH SEPTEMBER 2002
An unemployment income payment protection insurance has been launched by underwriting agency Burgesses. Burgesses is offering EarningSafe, underwritten by Lloyd’s which would provide a monthly benefit of up to £2,500 or 75% of gross income, after a waiting period of 30, 60 or 90 days.
Simon Burgess, managing partner at Burgesses, said: “Cover is available to all UK residents below retirement age, irrespective of occupation, gender or employment status. In fact, the occupation criteria is one of the widest on the market.”
The premiums for the product start at £3.25 per 3100 of monthly benefit, which is payable for up to 12 months.
Restrictions to the plan include if the applicant is working in temporary or seasonal employment or if unemployment is a regular feature of the particular work the applicant does.
There is a period immediately following the policy start date during which any occurrence or notice of impending unemployment will not be covered. If the monthly benefit selected is up to £500 then the waiting period would be 60 days, while over £1,000 monthly benefit would have a 180-day exclusion period.
The current downturn in the global economy may have a global economy may have a serious impact on UK jobs, Burgess said.
