Mortgage and protection network Stonebridge has launched an accident, sickness, and unemployment partnership with Wessex Group.
The new product, homeowners income protection, is designed to work as a flexible and competitively priced product for advisory firms to offer their clients as part of their protection suite.
This ASU offering comes with several features including flexible options for full ASU, accident and sickness cover, or stand alone unemployment cover.
It also offers a maximum 12-month period when the benefit is payable, optional wait periods, and optional excess periods.
The offering covers care and allows the ability to switch into HIP cover from other ASU policies.
Stonebridge chief executive, Rob Clifford, said: “We’re very pleased to be adding this new ASU product from Wessex Group to our array protection products and to be working closely with both Wessex and the Qualis protection team.
“Regardless of network, advisers have not had an array of ASU choices in recent years, and it’s therefore important to provide our AR firms and advisers with access to a product that is increasingly in demand.
“We’re looking forward to working with Wessex to educate our member firms and their advisers about the benefits of this product, where it is appropriate, and how they can utilise it to serve consumers.”
Stonebridge said the new product provided further protection options for its member firms to offer their customers and was particularly welcome in the context of Consumer Duty and its focus on advisers.
Wessex Group joint managing director, Nigel Preston, added: “We believe this new ASU product will meet a growing demand from homeowners and, in particular first-time buyers, especially in these challenging economic times.”
Preston added that, recently, advisers have had “slim pickings” to choose from in terms of ASU products cover for their clients, and this has often meant consumer advice has focused on life insurance and critical illness alone.
While Preston described this focus as “valuable in their own right”, he argued that it does not address the short-term income impacts of an accident, sickness, or unemployment event.
Stonebridge and Wessex Group are running a series of introductory webinars that cover the product in detail and outline appropriate consumer scenarios.
tom.dunstan@ft.com
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