6 Product Entrants and Enhancements Beagle Street Beagle Street have been working with a number of intermediaries to test their proposition in the intermediary market. It has been provisionally agreed that they will launch with Paradigm Protect on 19 October, with a session in our webinar on 20 October. Initially the offering will cover life and/or critical illness, but they take a distinctive approach to loading for non-standard lives, and you will soon start to see them appearing on the portals. They plan to enhance the proposition significantly before the end of the year, so we will be hearing more from them in Q4. Walsham Brothers ASU As mentioned earlier, we have added an ASU product (including U only) to the range so that you can offer a broader choice of protection. Details are set out below. 1. Product overview and parties The policy is designed to meet the policyholder's monthly mortgage repayment, plus an allowance for additional household outgoings, if they are unable to work due to an accident, a sickness, or unemployment, depending on the level of cover chosen. Cover requires the policyholder to be a named party on a residential mortgage agreement for a property in the UK that they permanently reside in. 2. Cover options Three core levels of cover are available, plus an optional Carer benefit that can only be added where Unemployment cover has been selected. • Accident and Sickness only • Accident, Sickness and Unemployment • Unemployment only • Carer cover (optional add-on – available only alongside Unemployment cover; pays if the policyholder gives up work to become a full-time carer for an immediate family member and is in receipt of Carer’s Allowance) 3. Eligibility From the policy start date, the policyholder must, throughout the qualifying checks: • Be named on a residential mortgage agreement that started no more than 6 months before the policy start date; • Be a UK resident, legally entitled to and working in the UK (continued cover is possible for Civil Servants posted abroad to a British Embassy or Consulate); • Be aged 18 or over and under 65; • Be in work – employed or a contract worker – for 16 hours or more per week, and have been in continuous work for at least 6 months (employed) or 24 months with the same employer (contract worker); • Be named on the residential mortgage for a UK property that is solely occupied by them and their immediate family as their permanent main home. Details of the excess periods are available from us. We have tried to make the cover as straightforward as possible to arrange: the TOBA sits with Paradigm, and you simply need a password to access their website to complete cases. Quotes are available via Solution Builder and Iress National Friendly National Friendly have announced that they are adding life cover to their income protection offering, and this is now live for Paradigm firms. These are available across a range of joint life and single policies. Alongside their competitive and comprehensive income protection product, this is a valuable addition to their range and well worth investigating. Friendly societies can take a different view on claims payments given their mutual and memberbased status, and this is worth considering when reviewing the suitability of a product.
RkJQdWJsaXNoZXIy MjI4MjU4NQ==