Source Insurance has introduced a new lifestyle insurance product featuring enhanced cover options, widened acceptance and simplified quote journey.
The general insurance platform said the product was developed after a year of research and broker feedback and replaces Source’s existing Accident, Sickness and Unemployment (ASU) product.
The exclusive features of lifestyle insurance include a monthly benefit of up to £5,000 to cover mortgage, rent and/or income. Cover can be taken as full ASU or AS or U only; with cover periods of six, 12, 18 and 24 months.
Each policy is also underwritten at point of sale. Carer Cover and Career Support Cover are additional benefits included as standard within each policy.
In addition, Source has also introduced new QuickQuote functionality, flexible commission and simplified policy-wording.
Brian Coulton, Source’s head of sales, said: “During our research we surveyed more than 2,200 brokers to gain their views on what they wanted from this product and if, in fact it had a place.
“The overwhelming response was positive with almost 70% of respondents saying that they currently are or would look to include ASU in their client offering.”
Kevin Paterson, Source’s managing director, added: “We have taken our time to build what we believe to be a market leading product range with active involvement from the broker market and detailed research from all interested stakeholders.
“Most evident from this research, was the need for the product to be clear, unambiguous and to provide higher cover limits that are also flexible. We will shortly be launching a training module which supports broker knowledge of the product and also qualifies for CPD.”
The firm says it plans to launch further enhancements to the lifestyle product throughout 2017 by adding additional providers and policy benefits.