Paymentshield has withdrawn an income protection insurance product that provided protection to policyholders for the duration of their illness.
Chris Traynor, sales and marketing director of Paymentshield, says “The policy was around ten years old, and the company had only had around 100 customers still on its books. We had a very small group of customers with this product, which was very old and very uncompetitive. When we switched underwriters to Norwich Union, it had no product that matched this kind of cover, and so we had to withdraw the product."
The company's mortgage payment protection insurance policies are unaffected.
Income protection: News update: 17/08/07