Berkeley Alexander has launched a new policy called SafeGuard Protect, developed in partnership with Canopius.
This modular policy offers personal accident, income protection, and mortgage or rent protection in the event of an accident, illness, or job loss.
SafeGuard Protect features three standalone modules: personal accident coverage that pays a lump sum for bodily injuries; mortgage or rent protection, which provides monthly benefits based on four available levels; and income protection, with varying cover based on gross monthly income.
Each module has its own policy wording, but clients can access all three through a single online quote and buy process.
The product was designed to be tailored to each client’s needs, offering five levels of cover for the personal accident module and up to £2,000 per month for mortgage or rent and income protection.
The quote platform presents only available options based on client details.
Geoff Hall, chairman of Berkeley Alexander, said: “We are delighted and proud to be launching a modern, flexible PA & ASU product.
“We have seen an increasing demand of late from agents seeking protection products that are competitive and compliant and meet the needs of clients today.
“With a continuing uncertain economic outlook, our protection product is hitting the market just at the right time.
“SafeGuard Protect will give much-needed cover and certainty for many people.”
According to recent data, 2.8 million people in the UK are off work long-term due to sickness, and job vacancies decreased across multiple industry sectors.
The number of company insolvencies registered in February 2024 was 2,102, a 17% increase compared to February 2023.
Individual insolvencies also rose, up 23% from the previous year.
Hall added: “For years following both the PPI scandals of the past and more recently Covid, insurers understandably retreated from ASU, withdrawing from new sales of unemployment cover during Covid, but these protection products are vital.
“It has been a long time in the making, but with a combination of persistence and hard work, and thanks to our reputation and expertise in the market, we are delighted that Canopius has chosen to partner with Berkeley Alexander to bring these exciting new products to market.”
David Swan, head of specialist consumer products at Canopius, said: “We specialise in designing tailor-made products for our partners like Berkeley Alexander that create innovative solutions for customers.
“With our passion for always ensuring people get the right specialist cover and protection they need, combined with Berkeley Alexander’s heritage in the intermediary market, it was an ideal partnership.
“We are confident that SafeGuard Protect will prove to be a very popular and valuable offering for intermediaries and their clients.”
