Non-discriminatory offer from Burgesses
FINANCIAL ADVISER - 24TH MARCH 2005
Income payment protection insurance product is company’s first not to recognise sexual preferences in rates.
Burgesses has launched an income payment protection insurance product that does not discriminate on grounds of occupation or sexual orientation.
British Income Protection is the insurance provider and broker’s first income protection package that does not discriminate against an individual because of their occupation, gender, employment status or sexual orientation.
The package, which protects against the risks of unemployment and disability, provides a maximum monthly benefit of £1,000 or 50 per cent of gross monthly income, depending on which ever is less.
Kevin Morgan, managing director of Consilium Financial Planning, said: “Discrimination against people’s sexual preferences is a taboo. It makes a difference to the rate as insurers view people in same sex relationships as higher risk from a medical underwriting point of view.
“As an IFA, I can also say that income payment protection insurance has tended to be more expensive for women.”
The service cost £3 for every £100 of monthly cover, and IFA commission is 20 per cent of the monthly premiums for the life of the policy.
Simon Burgess, managing director of Burgesses, said the product was launched in reaction to the stories in the media about mass redundancies amount the British workforce. He said: “We have been able to launch British Income Protection as awe have a large amount of mortgage payment protection insurance business.
“Our consortium of underwriters was happy to take a chance.”
The occupation criterion envelops the employed, self-employed, contract workers and owner-directors of companies. Workers on part or full-time basis can be covered, providing individuals work for a minimum of 16 hours a week.
In addition, the range has no excess and comes with tax-free claiming benefits that are payable for up to 12 months.
Mr Morgan said: “I have not come across an income payment protection insurance product that does not discriminate against occupation and gender in the market before.
“I would certainly take a closer look at the product and seriously consider recommending it to clients. I am impressed that they do not discriminate against same sex relationships.”
Mr Burgess said: “The range is a unique and attractively positioned income protection product both in terms of content and price.
“With ever-changing work patterns a job for life is history and our non-discriminatory approach will allow British worker to have peace of mind at an affordable cost.”
