Income payment protection insurance
DAILY EXPRESS - 11TH FEBRUARY 2004
Income protection insurance policies are usually offered by banks and building societies to customers taking out mortgages to cover loss of income due to an accident or ill-heath.
But buying the insurance from a mortgage lender is invariably expensive and some policies are of questionable value.
Broker Burgesses hopes its Internet-based product Safetyfirst will shake up the market.
Safetyfirst give cover for repayments of up to £12,000 or £1,000 a month for one year – in the event of loss of income. Where it significantly differs from rivals is that it covers a wide range of occupations and employment status.
The employed, the self-employed, contract workers and even owner-directors of companies are eligible provided they work for a minimum of 20 hours a week. The cover is competitively priced, starting at just £3.50 a month.
