Paymentshield has unveiled a product called IncomeShield to provides protection for any of the policyholder’s financial outgoings.

IncomeShield can be sold as a standalone product or in conjunction with other insurance and protection products.

Paymentshield’s chief executive, Tim Johnson, said: “Financial intermediaries have been crying out for a flexible income insurance product that is not tied to a mortgage or loan but that can be used to cover a raft of financial outgoings including rent