Nationwide introduces Lifestyle Protector
Nationwide Building Society has introduced Lifestyle Protector, an innovative and flexible short term income protection policy. The policy can be tailored to suit a customer's individual needs, where they can choose the benefits they want included, whether they wish to protect their income against unemployment, accident & sickness, or all three.
Underwritten by Pinnacle Insurance plc, Lifestyle Protector offers the simplicity of providing a monthly income benefit which can be used to cover any monthly outgoings, from mortgage or rent, to utility, gym and mobile phone bills, all under one standalone policy (maximum benefit limits apply).
Key features of the policy include:
Cover can be individually tailored to meet customer needs - ensuring they pay only for the precise benefits they want included
Option to choose different wait periods for combined accident & sickness and unemployment cover
Flexibility to make changes to chosen benefit amount, period or level of cover during the policy term, as needs change (premiums may be affected)
Monthly benefits paid directly to the customer, leaving them in control
Maximum benefits of £2,500 per month (£2,000 for Unemployment cover when taken on its own), or 60% of gross monthly income, whichever is the lowest, for periods up to 12 months.
Option of benefits being dated back to the first day off work
Life benefit of up to £30,000 included as standard
Can be cancelled at any time without penalty
To be eligible to take out a policy, customers need to be aged between 18 and 65 and live in the UK. At the start of the policy they need to be working at least 16 hours per week with the same employer for six continuous months immediately before the start date (including self employed and fixed term contractors).
John Baker, Nationwide's head of general insurance, comments: "In these uncertain times, it makes sense to protect against the loss of income, but Lifestyle Protector goes further than that, offering a truly flexible approach that ensures customers pay only for what they need. Few employers provide anything like an employee's usual level of income during a period of prolonged sickness, and redundancy unfortunately remains a daily reality for many people. Even if customers have no significant debts, they will still have to meet everyday expenses to maintain their usual standard of living.
"We've all had to become more cost conscious - and quite rightly, we only want to pay for those benefits and services that we need. At Nationwide, we believe that Lifestyle Protector offers one of the most flexible solutions available, with options to ensure that our customers get just the right amount of cover for their individual circumstances and pay only for what they need. It's some peace of mind, without an expensive price tag."