Assurant Intermediary has launched new Accident Sickness and Unemployment (ASU) products it said are an antidote to problems plaguing payment protection insurance (PPI) in recent years.
The general insurance specialist said the two new products are designed to be sold exclusively on an advised basis through a broker or intermediary.
Home Protector provides cover specifically for mortgage or rent payments while Income Protector is a short term income protection policy.
Both policies are underwritten at the point of sale, based on the policyholder's individual risk profile, bringing ASU in line with the way in which all other personal lines insurance products are underwritten.
Claiming the products as a "first stage in what will be a continual evolution", Nigel Payne, managing director of Assurant Intermediary, said: "Our Home Protector and Income Protector products remove the ambiguity that has plagued ASU.
"Not just age banded, but underwritten at the point of sale, customers can now be assured that the policy they have bought is tailored specifically for them and that all valid claims will be paid.
"We believe this innovation responds to some major criticisms that have been laid at the door of PPI products by the Competition Commission."
Home Protector covers a maximum monthly benefit of 120% of mortgage or rental payments or up to £3000 (whichever is the lowest), and Income Protector covers up to £3000 of income. ASU is available for 12 months, with the option to increase AS benefit to 24 months.
