The Short-term Income Protection policy requires no medical underwriting and provides immediate cover. It is only available through financial advisers and mortgage brokers, benefits are paid for a maximum of 12 months and clients can choose from accident, sickness and unemployment, accident and sickness only or unemployment only.
The product was developed with AmTrust Specialty Limited and Wessex Group, and includes accidental death cover when accident and sickness is selected, providing 12 times the monthly benefit automatically.
With the accident and sickness options, there is no premium weighting for existing conditions, which Allianz said would make it accessible to more people.
It has broad age criteria, open to people aged between 18 and 64 who have been in full-time employment for at least six months, with cover ending at age 67.
The policy covers up to 65% of their gross monthly income, up to £3,000 for new mortgages and £2,000 for existing mortgages or clients with a mortgage offer.
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Henry Topham, managing director of retail insurance at Allianz UK, said: “We are delighted to launch a new Short-term Income Protection product in partnership with AmTrust and Wessex. At Allianz, we understand that people worry about how they’ll be able to pay their bills if an accident, sickness or unemployment prevents them from working.
“This policy will appeal to financial advisers as it’s a complementary product to their mortgage and protection sales. It offers a vital financial safety net and peace of mind, ensuring people and homeowners can maintain their standard of living when the unexpected happens.”
