Biba has developed an income protection scheme of up to £12,000 for UK workers against the risk of unemployment or incapacity.
The policy is available irrespective of age, occupation or gender said Biba.
Underwritten by Bankers Insurance Company and arranged by Burgesses, the product is unlike an MPPI product, as it is not linked to a mortgage or loan, Biba explained.
Benefits are also paid directly to the policyholder, not the lender which is typical under an MPPI product, said Biba
The product is available to the employed, self-employed, contract workers and owner directors of companies to be covered on either a full or part-time basis provided they work for a minimum of 20 hours per week.
Biba technical services manager Graeme Trudgill, said: “Our premiums are on average one third less than those of our competitors and our non-discriminatory approach will appeal to those who are put off by a lengthy and invasive application procedure.
“With changing work patterns and turmoil in the financial markets, there is no such thing as a job for life and unemployment protection is an essential purchase for the majority of working people.
