Columbus Direct Launches Income Protection Product

LONDON, February 25, 2015 /PRNewswire/ --

Travel insurance specialist Columbus Direct has launched its new direct to consumer income protection product. With cover starting from £2.20 per month †, Columbus Direct developed the new product with the aim of making income protection more affordable

The product provides different levels of cover including accident and sickness, unemployment and protection in the event of redundancy. Customers are able to create a bespoke package of insurance by choosing which level of cover best suits their needs.

Greg Lawson, Managing Director at Columbus Direct said: "The launch of our new income protection product  demonstrates how we are growing as a business. Whilst travel insurance will continue to be our specialism, we are looking to further serve our customers with a greater range of products that will complement our current offering.

"Whilst we understand that protecting your income following an accident or illness is important, we have included the option of unemployment cover. Our research has shown that, despite the recent fall in unemployment, redundancy is still an area of real concern to many people who have financial commitments that they would not be able to fulfil if they were to lose their job.  

"We are also encouraging people to shop around when it comes to income protection insurance as many people accept the product that is offered to them by their bank or building society, but significant savings can be made for the same cover, or they may even find an improved product."  

Key benefits of Columbus Direct's income protection product: 

   
    ACCIDENT, SICKNESS AND UNEMPLOYMENT COVER

    - Can choose to cover all 3 of the above, or just unemployment
    only, or accident & sickness only                                    Yes
    MAXIMUM AMOUNT OF COVER

    - Customers can choose exact amount of cover they require up
    to GBP2,500 per month                                              GBP 2,500
    BENEFITS PAID FOR                                               6 or 12 months
    CHOICE OF EXCESS PERIOD

    - Longer excess reduces the premium paid                       0, 30 or 60 days
    INITIAL EXCLUSION PERIOD FOR UNEMPLOYMENT                          90 days
    WAIVER OF EXCLUSION PERIOD FOR PEOPLE TRANSFERRING INSURERS

    - So if a customer already has a policy in place with another
    provider (that's been live for at least 90 days) we waive the
    exclusion period for unemployment cover so they don't suffer
    any loss of benefit. Important reason to switch provider if
    they can save money                                                  Yes
    AGE BANDED PREMIUMS                                                  Yes
    NO EXCLUSION FOR DISMISSAL, MISCONDUCT, OR MISSED SALES
    TARGETS

    - Many providers do not cover for this, so our unemployment
    cover is more comprehensive than most in the market (generally
    only covering redundancy)                                            Yes
    COVER FOR CHRONIC CONDITIONS                                         Yes
    COVER FOR STRESS*

    - Columbus USP - Most providers exclude cover for stress             Yes
    COVER FOR BACK CONDITIONS*

    - Columbus USP - Most providers exclude cover for back
    conditions                                                           Yes
    COVER FOR CARERS                                                     Yes

† Based on £100 of cover for accident and sickness only

* Cover is only provided for stress, anxiety, depression, fatigue or any other mental or nervous disorder or any condition of a psycho-neurotic origin when you have been diagnosed by a registered Consultant Psychiatrist and continuously remain under their supervision. Back conditions are covered under the sickness section but not if they are a pre-existing condition.

Notes to editors 

Columbus Direct is a leading travel insurance specialist which was established in 1988 selling both online via http://www.columbusdirect.com and offline via call centre channels. We have a history of innovation in the industry, including being the first company to sell travel insurance direct to the consumer in the UK and also the first to fully sell a policy online. 

Columbus Direct is an insurance intermediary, authorised and regulated by the Financial Conduct Authority.