What does it do?
••• Our housing and lifestyle protection insurance is designed to cover regular household bills such as monthly rent, utility bills, TV subscriptions or mobile phone bills. We would provide a regular cash amount towards a specific bill or group of bills in the event of accident, sickness or unemployment, or settle the bill in the event of death.
Who is it for?
Often, this insurance is not sold directly to consumers but is included in ‘group policy’ products offered to organisations which issue regular bills to their customers, such as
Property letting & selling companies
Mobile phone companies
Cable TV and streaming providers
Internet & broadband providers
What are the benefits?
Accident or Sickness:
If your customer has an accident or falls ill and can’t work, the insurance will cover the monthly bill payments, or a pre-determined cash amount towards the monthly bill payments.
If your customer is made unemployed, monthly bill payments are paid in full or a pre-determined cash amount is paid towards the monthly bill payments. Policies sometimes also cover self-employed people if their business should fail.
The insurance would pay any outstanding amount due in the event that your customer dies. In regard to housing associations, the insurance may cover a number of payments for the benefit of a surviving partner.
Cover may be provided for cash sums if your customer stays overnight in hospital, or the insurance may start making payments if they’re diagnosed with a critical or terminal illness. Voluntarily giving up work to become a full-time carer to a family member may also be classed as involuntary unemployment.