General insurance firm Assurant Intermediary has launched what it claims to be the first accident sickness and unemployment products (ASU) to be underwritten at the point of sale. This move brings ASU in line with the way in which other personal lines insurance products are underwritten.
Assurant Intermediary says that because policies are underwritten at the point of sale the premium and the cover is based on each policyholder’s own individual risk profile and as a result many policyholders will experience reduced premiums.
Home Protector provides cover specifically for mortgage or rent payments while Income Protector is a short term income protection policy that allows customers to protect a percentage of their income.
The two new ASU policies have been designed to be sold on an advised basis through a broker or intermediary. Home Protector covers a maximum monthly benefit of 120% of mortgage or rental payments or up to £3000 (whichever is the lowest), and Income Protector covers up to £3000 of income. ASU is available for 12 months, with the option to increase AS benefit to 24 months.
Assurant Intermediary’s managing director, Nigel Payne said: “We are very excited to be the first to bring this new breed of ASU to market. Our Home Protector and Income Protector products remove the ambiguity that has plagued ASU. Not just age banded
