View more on these topics

Paymentshield product to cover client outgoings

An income insurance product that covers customers’ financial commitments in a similar way to payment protection insurance is being launched by Paymentshield.

IncomeShield provides protection for a policyholder’s financial outgoings and can be sold as a standalone product or in conjunction with other insurance and protection products.

Tim Johnson, chief executive of Paymentshield, says: “Advisers 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 outgoings including rent, Council Tax and school fees.

“IncomeShield fulfils this requirement and comes without the negative associations of PPI. It is coming to market as customers are searching for ways to guard their income.”

The policy covers outgoings of up to £2,000 a month but is restricted to 65% of a policyholder’s income. Up to 25% commission is payable on each sale.

Recommended

ROBERT WINFIELD, MANAGING DIRECTOR, CHARTWELL FUNDING

Let’s give a boost to tomorrow’s moguls

It seems that a number of readers felt my recent article in support of self-cert and fast-track underwriting was irresponsible. I realise this area is ripe for abuse but if managed properly I still believe it has a role to play in today’s society. During the recession a large number of my clients have taken […]

DEV MALLE, SHOCKED BY MISJUDGEMENT

Paaleads tries to limit harm done by parent group

Paaleads.com was forced to apolo-gise to brokers last week for the disparaging comments parent Moneysupermarket.com made about the intermediary market. Moneysupermarket issued a press release claiming nine out of 10 mortgage deals were available on a direct-only basis, but last week it retracted this following a backlash from brokers. But the comparison site did not […]

Barclays and Lloyds profit hikes may not herald increased lending

Barclays and Lloyds Banking Group have both reported substantial rises in profits for the first six months of 2010, but industry experts say this is unlikely to signal more mortgage lending. Lloyds group saw a huge jump in pre-tax profits to £1.6bn compared with a loss of £4bn in the first half of 2009. The […]

Newsletter

News and expert analysis straight to your inbox

Sign up