New income insurance product launched
Specialist provider Income Security Insurance has released a new product — a standalone income insurance product.
Income Security founder and principal, Wally Ripper, said the new product would be marketed as Income Security Insurance and was aimed at addressing the redundancy insurance gap that currently exists in the Australian risk protection marketplace.
"Involuntary unemployment can cause serious financial difficulties but there are few ways to protect against this. Some loan protection insurance products cover loan repayments in the event of redundancy — but these payments are made direct to the lender," Ripper said.
Ripper said the newly-released Income Security Insurance product could be offered to existing clients who already had either an Income Protection policy or a loan.
He said the Income Security Insurance product offered extended coverage for involuntary unemployment - monthly benefits of up to 85 per cent of income with a maximum benefit available of $7,000.
The announcement said the benefit was paid directly to the insured person so they could decide how the money was spent and cover periods of up to 3, 6 and 9 months were available.
The underwriter of Income Security Insurance is Avea Insurance Limited.
Ripper said that when working on the specifications of the product with Avea the aim was to ensure the product would be sustainable over the long term.
He said that, as a result, not all occupations or industries/employers were eligible for the cover and that there was also a three month qualifying period before a claim can be made.
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