East Sussex-based Berkeley Alexander has launched a new income protection product.

Income Safetynet is a stand-alone product, not tied to a mortgage or other loans.

It is underwritten at Lloyd's and is available to both employed and unemployed people between the ages of 18 and 61.

Features include:

  • maximum benefits of £2,500 per month or 75% of gross earnings
  • benefits both free of tax and discounted in calculation of income support
  • premiums between £3.25 and £3.75 per £100 of monthly benefit, including tax and agent commission of 20%.

    Managing partner Ted York said: "With changing work patterns there is no such thing as a job for life. State provision is minimal and in most cases non-existent. Therefore unemployment protection ought to be an essential purchase for most people once they have insured their lives and health. It will allow agents to earn valuable non-FSA commissions."

    Every day 500 people in the UK are made redundant. Of these, 60% of unemployed men and 45% of unemployed women will be unemployed for six months or more.

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