Paymentshield introduces new Income Insurance product

Paymentshield has launched a payment protection insurance, IncomeShield, which protects any financial outgoings.

The general insurance specialist says the new product can be sold as a standalone product or in conjunction with other insurance and protection products and is easier to promote than Payment Protection Insurance (PPI).

Covering outgoings of up to £2,000 per month subject to a maximum of 65% of income, IncomeShield provides cover for up to 24 months (AS cover) or 12 months (ASU or U cover). The product is age-banded.

Clients can opt for full ASU, AS only or U only cover. Additional features provided are HELP (Health, Employment & Legal Protector) cover and back to work support with ASU or U only cover.

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."

IncomeShield up to 25% commission payable on each sale.