A leading insurance company has revealed a new income protection product designed to replace mortgage payment protection insurance.

The income protection product, pays out until the policyholder goes back to work, the plan term ends or the policyholder dies.

It offers cover for accident, sickness and unemployment, with level mortgage payment protection and the choice of level or index-linked living expenses protection. The policyholder can claim as often as necessary.

Their head of protection, says:

‘Based on extensive research, we saw that the market needed a more flexible product that could be tailored to their client’s individual needs and that was easy to understand. We believe this will stimulate the market at a time when advisers really need quality protection products to satisfy their clients’ needs as well as supplement their income.’