by David Chaplin
According to a Sovereign release, until the launch of its 'Start-up Income Protection' policy last week such insurance was only offered to those who had been self-employed for three years providing they had detailed financial records. Simon Blair, Sovereign managing director, said the new product is the first time the self-employed can access income protection cover without the need to supply financial records."Ultimately, it enables the self-employed to concentrate on getting their businesses off the ground without having to worry about what they would do if they were unable to work due to sickness or injury and provide for their family," Blair said in a statement.
The policy is open to those who have been self-employed for less than 18 months and provides cover for three years with a choice of sum assured of either $2,500 or $4,000 per month over a six-or 12-month period.
The policy also includes a waiver of premium benefit that exempts the insured person from paying the monthly premium while they are receiving Start-up benefits.
Sovereign is offering advisers an upfront commission of 80% and renewal commission of 7.5% for each Start-up Income Protection policy sold.
"Furthermore, you'll have the ability to earn full commission again if your client upgrades to the more comprehensive disability income protection cover under TotalCare," Sovereign says in its sales documents.
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