Paymentshield launches income insurance

Paymentshield has launched a new income insurance product which claims to allow customers to retain control of their financial commitments.

The product, IncomeShield, will provide protection for policyholder's financial outgoings.

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

Paymentshield 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, council tax, school fees and even gym membership or the daily running of a car.

“IncomeShield fulfils this requirement and comes without the negative associations of payment protection insurance. It also comes to market at exactly the right time as customers are searching for ways to protect their income as we continue in a period of extreme economic uncertainty.”