In January the CC hit out at the industry for not having enough competition and providing insufficient choice for customers.
John McClay, director of MMS, says: “We have been working on our Keystone product for 18 months, so we started around the time of the CC’s initial investigation into the sector.
“It has been developed with recent regulatory decisions in mind.”
The product offers customers the ability to protect a basket of their usual regular monthly commitments while offering additional options including variable excess periods and accident and sickness and/or unemployment cover.
The product requires no under-writing at point-of-sale – a feature MMS says will be a significant benefit for selling agents.
McClay adds: “While Keystone is essentially a payment protection product it is also fully portable and flexible. And unlike most income protection policies, it covers involuntary unemployment.
“No prior underwriting is required and the product can cover up to 90% of clients’ net income to a maximum of £3,000.”