Norwich Union Healthcare has launched a new personal income protection product named Income Protection Solutions which is designed to combine competitive premiums with no standard exclusions, guaranteed or reviewable rates, flexibility options such as limited benefit terms and retirement ages from 50 to 70.
Marketing propositions manager at Norwich Union Healthcare, Nick Homer said: "State incapacity benefit currently only provides £75.40 per week (rising to £84.50 after 52 weeks) which for most people is nowhere near enough to meet their needs. Consequently many people are currently vulnerable to the potentially devastating financial effects caused by long-term incapacity. Also, the State welfare system is set to be reformed further in October this year, meaning the need for long-term income protection has never been greater."
Norwich Union is also providing individual claims advisers, many of whom are trained counsellors, who will complete claims forms for customers over the phone in additiona to a rehabilitation service which is provided by medically trained staff who can help get policyholders back into work.