They’re Jolly Goodfellows
PERSONAL FINANCE - 1ST MARCH 2004
An insurance policy that acts as a financial cushion against the risks of unemployment and/or incapacity has been launched by insurance broker Burgesses.
The broker boasts that the policy – call Safetyfirst and underwritten by Bankers’ Insurance Company – offers all UK workers, irrespective of age, occupation or sex, a tax-free cushion of up to £12,000 against the risk of unemployment or incapacity.
Burgesses says the policy is unlike traditional mortgage payment protection insurance in that it is not tied to a mortgage or any other loan. Also, it pays directly to the policyholder and not the lender.
Premiums range between just £3.50 and £5.50 per £100 of monthly benefits. For example, to protect a net monthly income of £1,000 per month for up to 12 months’ cover costs £35 per month for unemployment only or £55 to add incapacity.
